155 Walker Street, North Sydney

MBM Project Lead

Autumn Lu

Client Name

Freecity

Sector

Timeline

2024 – Ongoing

Project Value

$400m

MBM Project Team

  • David Madden
  • Jeremy Clarkson
  • Bosco Leung
  • Michael Crombie

Services Provided

MBM provided cost planning input into feasibility study, then will assist with SSDA submission and provide cost input during design progression.

Project Background and Scope

Freecity Group is undertaking a transformative redevelopment of an existing 44-storey office DA site in North Sydney, with plans to deliver a landmark 50-storey mixed-use tower that will redefine the local skyline.
At the heart of the project is a diverse Build-to-Rent (BTR) offering, comprising a mix of contemporary studio, one, two, and three-bedroom apartments designed for long-term occupancy. These residences will be durable, adaptable, and accessible, catering to a broad demographic while promoting housing stability and community cohesion. Complementing the residential component is a 4-star hotel, premium retail outlets, coworking spaces, and shared amenity zones that support a dynamic live–work–play environment.
The scope of works includes the partial demolition of existing structures, comprehensive site preparation and infrastructure upgrades, and the construction of a 50-storey tower using a hybrid methodology that combines modular and conventional construction techniques. The development will also incorporate three basement levels to accommodate essential services, parking, and back-of-house operations, along with dedicated communal and office spaces to support both residents and commercial tenants.

Project Challenges

Being a mixed-use development with multiple different spaces introduces significant scope complexity. Each use type has distinct compliance pathways, fitout standards, and operational requirements. This requires detailed cost segregation and functional zoning to ensure accurate budgeting and reporting and demands tailored benchmarking across residential, hospitality, and commercial sectors to validate cost assumptions.
With Freecity Group and various stakeholders, the project necessitates transparent cost communication and scenario-based modelling to support informed decision-making.

MBM Solutions

To effectively manage the scope complexity of a mixed-use development, MBM have implemented a suite of integrated cost management strategies tailored to the distinct requirements of each use type. Detailed cost segregation and functional zoning have been established to ensure accurate allocation of budgets across all components. This enables clear financial visibility and supports targeted cost control throughout the project lifecycle.
To validate cost assumptions and maintain market relevance, MBM would apply tailored benchmarking drawn from comparable developments across each sector. This ensures that estimates reflect current pricing trends, specification standards, and operational expectations.
Given the diverse stakeholders, MBM are facilitating structured reporting frameworks and scenario-based cost modelling to support informed decision-making. These tools allow stakeholders to assess the financial impact of design options, phasing strategies, and procurement pathways in real time, fostering alignment and reducing the risk of budget overruns.
Additionally, MBM would lead value engineering workshops across disciplines to identify cost-saving opportunities without compromising quality or functionality. This collaborative approach ensures that the design intent remains intact while delivering optimal value across all components of the development.