Barings Secures State Significant Development Approval for 188-Unit St Leonards Residential Project
Barings, a global alternative asset manager, announced June 28 that it has secured State Significant Development approval for a residential development in St Leonards, New South Wales, marking a significant milestone in the delivery of new housing supply in North Sydney.
The project, owned by Aware Super and developed by Barings, will deliver 188 residential units across a 5,015-square-metre site at 12–20 Berry Road and 11–19 Holdsworth Avenue — addresses that previously comprised 10 low-density residential dwellings. The development will also include a childcare centre and a community facility.
Project Configuration and Affordable Housing Component
The development has been designed to support the evolving needs of the local community, incorporating a mix of private and affordable housing alongside integrated social infrastructure. A total of 15.6% of the development's floor space has been allocated to affordable housing, equating to 37 affordable units out of the 188-unit total.
According to Barings, the project is expected to account for close to 5% of Lane Cove's five-year housing target, contributing meaningfully to local housing supply.
The proposal also includes the delivery of part of a planned through-site link connecting Holdsworth Avenue and Berry Road, intended to enhance the public domain as the surrounding precinct develops.
Institutional Capital and the Housing-as-Infrastructure Thesis
Aware Super, a profit-for-member superannuation fund with approximately A$245 billion in assets under management as of June 2026, owns the site. The fund's chief executive, Deanne Stewart, framed the investment in terms of member outcomes and community need.
"Many of our members are essential workers, and a development like St Leonards helps them live closer to the hospitals, schools and services our communities depend on," Stewart said. "Aware Super is proud to invest in the housing Sydney needs, while putting our members' retirement savings into a strong, long-term asset that builds their financial future. This is Super working for our members and the community."
Barings, a subsidiary of MassMutual with a minority investment from MS&AD, manages approximately US$481 billion in global assets as of March 31, 2026. The firm's real estate development arm is overseeing the St Leonards project through Barings Real Estate Australia.
Planning Pathway
The approval was granted under New South Wales's State Significant Development pathway. Warwick Dowler, Senior Director and Head of Residential at Barings Real Estate Australia, said the approval reflects the firm's continued focus on well-located residential developments.
"This approval represents an important step in delivering much-needed housing supply in a well-connected Sydney location. We are pleased to be working with Aware Super, and remain focused on delivering a high-quality residential development that integrates affordable housing and community infrastructure, supporting the long-term needs of the local area," Dowler said.
Barings has not disclosed a construction start date, completion target, financing terms, land acquisition price, or stabilised yield data.