Metrics Income Opportunities Trust (ASX:MOT) said that the New South Wales Minister for Planning and Public Spaces declared the mixed-use development application for a land asset located at 1 King Street, Concord West a state-significant development under relevant environment planning and assessment laws, according to a Friday Australian bourse filing.

Metrics Income Opportunities has an indirect holding of around 16% in the MCP Credit Trust, a managed investment scheme managed by Metrics Credit Partners. The credit trust holds a 50% indirect interest in a land asset with a joint venture partner.

The declaration was based on an expression of interest application made to the Housing Development Authority to have the development of the asset classified as such and for the rezoning of a mixed-use resident precinct with up to 1,400 dwellings.

The authority will now lead the assessment of the asset and the rezoning assessment under the new streamlined process with the application to be determined by the state's Department of Planning,

Housing and Infrastructure.

Metrics plans on having the land asset independently valued.

The Trust Company (RE Services), part of Perpetual (ASX:PPT), is the responsible entity for the Metrics Income Opportunities Trust.