Cbus Property CEO Adrian Pozzo has slammed New South Wales’ planning and building process, calling it “heartache” 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. “If you’re paying that upfront, your feasibility will never work,” Pozzo said, warning that the state’s planning and cost environment is increasingly unworkable for residential projects.