Childcare and indoor recreation centre earmarked for former Pyrmont council depot
Local property developer Landream has snapped up a major development site in Sydney’s inner-city Pyrmont that can accommodate a landmark mixed-used project that could have an end value of more than $1 billion.
The group brushed aside Sydney-based players including Mirvac and Toga that had shown interest in the site near the Fish Markets, which are also to be overhauled to accommodate another major apartment development in coming years.
Landream’s purchase of the site indicates its confidence in the city’s apartment market as it is also undertaking the sold-out Opera Residences project at Bennelong Point with Chinese developer Macrolink.
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The site price has not been disclosed, but the asking price was more than $200 million and the developer has committed to deliver a childcare centre and an indoor recreational centre.
The project, on the corner of Fig and Wattle streets, will also have improved pedestrian links to the area when completed.
CBRE’s Kelwyn Teo, Scott Gray-Spencer and Ben Wicks steered the sale of the 1.2ha former council depot.
The site at 14-26 Wattle St in Pyrmont. Picture: Supplied.
Landream is developing a diverse portfolio of properties across NSW and Victoria.
Over the next six years, Landream will deliver residential, commercial, land and mixed-use projects with an end value of more than $3bn.
It recently completed the mixed-use Beecroft Place development in Sydney’s north.
A Landream spokesman said the City of Sydney acquisition provided a “rare opportunity” to revitalise a major part of the Pyrmont precinct, with the group seeking to increase its development pipeline.
The planning framework for the Pyrmont site provides for about 48,000sqm of mixed-used floor space, including a 91-place childcare centre and a two-court, indoor recreational centre — ownership of which will be transferred back to the City of Sydney.
When the sale plans were announced, Sydney Lord Mayor Clover Moore said the disposal would help create much-needed public facilities for the area’s growing population.
The property’s prime location, near the soon-to-be revamped Sydney Fish Markets, the harbour foreshore and Wentworth Park also drew developers to the site that sits on the cusp on the Bays precinct.
This article originally appeared on www.theaustralian.com.au/property.
