Construction has begun on an eight-storey luxury apartment building on land adjoining a historic Anglican church in Sydney's Lane Cove, marking the first partnership of its kind between the Anglican Church and a private developer — and potentially the first of many across dozens of Sydney parishes.
The $800 million Finrose Residences development, at the corner of Finlayson Street and Rosenthal Avenue, will deliver 48 apartments alongside a fully renovated and expanded St Andrew's Anglican Church, which dates to 1924. The church will be transformed into a modern facility with a 400-seat auditorium, offices and car parking — nearly double its current capacity.
A deal that works for church, community and the housing market
The Anglican Bishop of North Sydney, Chris Edwards, said the project represents a genuine win for all parties involved.
"This is a good project that will provide community space that wouldn't otherwise exist," Bishop Edwards said. "In addition, Sydney needs more housing, and we want to help."
He said the Lane Cove parish had been growing steadily and had outgrown its existing facilities. By selling the airspace above and around the church site, the parish was able to fund a significant upgrade it could not have otherwise afforded.
"The church in Lane Cove is growing, and parishioners need a bigger building and more facilities, and the community needs more cultural spaces," he said. "By selling the airspace, we've ensured this is a win for everyone."
Ross Jones, chief executive of Sydney Anglican Property, said social or affordable housing had been considered for the Lane Cove site but the economics didn't support it. The Church has previously delivered social housing for young people with disabilities at a former site in Beacon Hill, and has secured approval for apartments for single women over 55 in Bankstown and Regents Park, operated through its affiliated organisation Anglicare.
"But in the case of Lane Cove, unfortunately the finances didn't stack up for social or affordable housing," Jones said. "The key driver was that the parish is growing out of its space, and it's no longer fit for a modern ministry. So we went into this first partnership with a developer, and we'd love it to be the beginning of many more. There is a community housing crisis, and we want to help provide a solution."
Luxury price points and record-breaking sales
The two- and three-bedroom apartments at Finrose Residences are priced from $2 million, with pre-sales described as strong. The penthouse has already sold for $5.5 million — a new record for Lane Cove, where the median unit price sits at around $950,000 and the median house price exceeds $3 million.
The project is being developed by Traders in Purple, whose executive director Charles Daoud said the company has converted former churches into residential properties before — including the South Cronulla Uniting Church into a development known as The Abbey, and a disused church in Goulburn — but that Lane Cove is a different proposition entirely.
"This is the first time we've partnered with a church that's continuing its use on the site," Daoud said. "It's a church that's over 100 years old, but we've been building for its future to make it ready for the next 100 years."
To make the project possible, Traders in Purple also acquired two neighbouring residential properties adjoining the church, which allowed the site to be consolidated and the expanded 400-seat auditorium and additional hall to be built. Daoud noted that the location — close to a new Metro station and the Lane Cove retail precinct known as The Canopy — made it an attractive site for buyers.
"Often, these churches are located in really good parts of suburbs because you often start with the church, and the suburb is built around it," he said. "Having the oversight of the church is an excellent endorsement."
For Sydney homeowners and investors watching the city's property landscape shift, projects like this reflect the growing pressure to unlock underutilised land. You can read more about how certain Sydney home upgrades are adding unexpected property value in the current market.
Thirty parishes already eyeing similar projects
The Lane Cove development may be the first, but it is unlikely to be the last. The Anglican Church oversees 270 parishes across the Sydney diocese, with approximately 1,000 properties in its portfolio. At least 30 of those parishes have already expressed interest in pursuing similar joint ventures with private developers.
Five additional sites are now formally in the pipeline: Five Dock, Marsden Park, Riverstone, Box Hill and Catherine Fields. Jones said the church sees its substantial landholding as an opportunity to meaningfully contribute to addressing Sydney's housing shortage.
The model — in which a developer gains access to well-located church land in exchange for funding upgrades to church and community facilities — offers a blueprint that could be replicated across many of Sydney's established suburbs, where Anglican properties are often situated close to transport links and shopping strips.
With housing affordability continuing to squeeze households across Sydney, the church's willingness to open its landholdings to residential development signals a significant shift in how religious institutions might contribute to the city's growth. As Sydney's population expands and demand for housing intensifies, the question of how property ownership and transfer strategies are evolving is increasingly relevant for homeowners and institutions alike.
Construction on Finrose Residences is now underway, with the completed development set to deliver both new homes for buyers and a transformed community and spiritual hub for one of Sydney's older Anglican congregations.
