City of Sydney to pocket $200m from Pyrmont depot sale
The City of Sydney could reap $200 million from selling a major Pyrmont site that will be turned over to a landmark mixed-use development project.
The council has tapped CBRE to sell the 1.2ha former council depot that sits near the Fish Markets and other new apartment projects.
CBRE’s Scott Gray-Spencer and Kelwyn Teo will manage the sale of the 14-26 Wattle St property, which is tipped to generate significant interest from major Australian developers and offshore groups despite the fall off in the apartment boom.
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A new childcare centre and indoor recreational centre will be delivered as part of the project, that could also suit business use.
The site at 14-26 Wattle St in Pyrmont. Picture: Supplied.
The planning framework provides for more than 50,000sqm of mixed-used floor space, including a 91-place childcare centre and a multi-use indoor recreational centre, that would be transferred back to the City of Sydney.
Lord Mayor Clover Moore says the sale will help create much-needed public facilities for the area’s growing population.
“Selling land surplus to requirements will help the city respond to the growing recreation and day care needs generated by high-density residential developments and the expanding Ultimo Public School,” the Lord Mayor says.
Sydney Lord Mayor Clover Moore. Picture: AAP.
Gray-Spencer says the property’s prime location will generate strong buyer interest.
“Through the sale structure, the successful purchaser will have the opportunity to secure development approval prior to settlement, substantially de-risking the project,” he says.
This article originally appeared on www.theaustralian.com.au/property.
