Central Element’s plan to ‘redefine’ retirement living with $17m block

Central Element’s $17m purchase at 126 Pacific Highway, Greenwich.

A 1232sq m block in the Sydney inner-city suburb of Greenwich which was purchased for $17m is set to become a Harbour-view haven for seniors.

An independent developer has detailed plans to turn the site into an eight-storey complex that would “redefine” senior’s living with a rooftop bar, communal spaces and two and three-bedroom rooms with a view over the city and Sydney’s iconic harbour. The location is a 5-minute drive from the sandy Greenwich baths in Sydney’s harbour.

Central Element is behind the ambitious plans and the buy, which was brokered by Colliers’ Tom Appleby, Steam Leung and Joseph Lin.

The site, which sits at 126 Pacific Highway, is a stone’s throw from the bustling suburb of St Leonards and an equal five-minute drive from the local train station and Royal North Shore Hospital.

Central Element is expected to lodge a development application by July, with construction underway by mid-2026.

It’s an area that’s become highly sought after, according to Mr Appleby, Colliers director of sales for North Sydney.

“St Leonards has become one of Sydney’s most exciting new precincts, as it is set to transform with the impending Crows Nest Metro Station opening, and the affiliated St Leonards and Crows Nest 2036 Plan,” he said.

Central Element’s plan is to turn the site into a highly-sought after retirement village that will cater exclusively to those over the age of 60.

It’s yet another project in the seniors space, an area it has delivered a number of recent projects including The Balmoral Collection, about 6.5km away in Mosman and Malton, 17.3km away in Beecroft.

The new development would be hyper-focused on wellness and ageing, said Central Element managing director Nathan Chivas.

“Our intention is to create an environment for those over 60, that is hyper-focused on ageing well and enjoying their third phase of life,” he said.

“We recognised the opportunity this Greenwich site presented for a world-class mixed-use seniors living development.”

Central Element was leaning into the recent wellness trend wherein developers have been laser focused on including greenery, yoga and pilates studios and installing sauna and cold pools.

The view from the site at Greenwich.

“We look forward to further redefining the seniors living category by catering to the ever-changing wants and needs of older Australians,” he said.

“With Greenwich, we will take a holistic approach to wellbeing, with a design and amenity that will promote daily movement, a shared community and purpose for its residents.”

Mr Appleby said many developers were getting creative with projects of late. “Given the vacancy rates in ageing office middle-market assets, a diverse range of savvy buyers are increasingly assessing opportunities through an alternate lens,” he said.

“Central Element appreciated the adaptive use potential in line with the favourable underlying planning controls, the property’s panoramic Sydney Harbour views enjoyed from its elevated ‘island’ site positioning and its proximity to the North Shore’s pre-eminent health precinct.”

The unnamed project is one of several from Central Element in the area. One of its previous projects included Aston in Lane Cove, about 3km away. That project developed about 46 in one and two-bedroom varieties.

Mr Appleby said there had been a lot of demand for Greenwich and St Leonards following the announcement of new public transport options in the area.