Haymarket owners hope to collect $100m

Sydney’s CBD office market continues to improve

A clutch of private investors operating as Goulburn Property Limited hopes to reap more than $100 million by selling a prized amalgamation of buildings, known as the Haymarket on George site, on which Sydney’s next mixed-use tower could be developed.

The group is banking on the diverse nature of the complex that could be developed from any project rather than solely on apartment sales.

Notably, a half interest in the World Square shopping centre sold last year to ISPT for about $285 million and a major retail centre would be a key part of any development.

A pallor was cast over Sydney’s unit market after Chinese developer Greenland was last week left to find a new builder for its planned residential tower in the Sydney CBD after it cancelled the contract with construction giant Brookfield Multiplex.

The site, which may be expanded with the addition of further George St properties, could rise up to 41 levels, subject to council approvals

Greenland has insisted it is on track to build the 235m high tower on Bathurst St in accordance with purchase agreements. It has just eight units out of 478 remaining to be sold but the project may not be completed until 2019.

Residential sales are still firing in the area with the  391 units in the third stage of Lendlease’s Darling Square precinct development selling out last weekend.

The prime 1238sqm Haymarket parcel on offer is likely to spark the development of a mixed-use hotel, residential and retail complex.

Set on the corner of George and Goulburn streets, and opposite World Square, it spans 51-57 Goulburn St, 43-49 Goulburn St and 698-704 George St.

CBRE’s Richard Butler, Mark Hansen, Sharon Yang and Daniel Dragicevich are selling the holding. Scruffy Murphy’s Hotel and the historic Haymarket House are included in the sale.

The site, which may be expanded with the addition of further George St properties, could rise up to 41 levels, subject to council approvals.

This article originally appeared on www.theaustralian.com.au/property.