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Cbus Property CEO Adrian Pozzo has slammed New South Wales鈥 planning and building process, calling it 鈥渉eartache鈥 for developers. Speaking at the Financial Review Property Summit, Pozzo said a North Sydney site purchased four years ago was stalled in the approval system for years, tying up $200 million with no return before being sold.
He highlighted that building costs in NSW are around 10% higher than in Victoria, with land value making up close to 30% of project costs. 鈥淚f you鈥檙e paying that upfront, your feasibility will never work,鈥 Pozzo said, warning that the state鈥檚 planning and cost environment is increasingly unworkable for residential projects.