New Darling Park skyscraper to push ahead
GPT and partner AMP Capital are pressing ahead with dramatic plans for a fourth tower at Sydney’s Darling Park complex after a design competition for the waterfront precinct selected top Danish firm Henning Larsen.
The proposed $2 billion tower will add to the existing complex with the project split between GPT and its wholesale office fund, with a combined 75% stake, and AMP’s main office fund, with a quarter stake.
Before the coronavirus outbreak the developers hoped to kick off in 2022 and complete the tower in 2025 but this is subject to winning a major precommitment, which may be pushed back as companies focus on dealing with the immediate crisis.
The area has already drawn developers.
Across the bay, Mirvac has proposed a $1 billion overhaul of the ageing Harbourside Shopping Centre via the NSW government’s unsolicited proposals process.
The new W Hotel is being finished off under Chinese-backed Greaton, which last month bought Grocon out the $750 million hotel and serviced apartments project.
The latest Darling Harbour project, dubbed Cockle Bay Park, is pitched as a precinct connecting the CBD to Darling Harbour as new links will be created.
NSW Planning Minister Rob Stokes said the design included a 42-storey office tower, almost a hectare of public open space and waterfront shops, restaurants and bars.
The design competition drew six internationally renowned architects before the Danish firm prevailed. The shortlist of architects included UNStudio | COX, Wilkinson Eyre, FJMT, Woods Bagot, Grimshaw and winner Henning Larsen.
Government Architect NSW director Paulo Macchia, who chaired the design competition jury, said the redevelopment would bridge the Western Distributor.
“The scheme has the potential to enhance Darling Harbour as a precinct, providing a distinctive office tower, retail podium and public open space while significantly improving pedestrian connections between the CBD and Pyrmont Bridge,” he says.
GPT last year undertook an $850 million equity raising and poured the bulk of the proceeds into boosting its exposure to Darling Park.
It bought a 25 per cent interest in the Darling Park 1 & 2 office complex and Cockle Bay Wharf from Canadian group Brookfield for $531 million.
The move opened the way for GPT to drive the development as the complex was already half-owned by the GPT Wholesale Office Fund, and AMP Capital Wholesale Office Fund bumped up its interest from 20% to 25%.
The project will comprise about 63,000sqm of premium office accommodation and 10,000sqm of retail and entertainment. GPT and AMP Capital will lodge a stage-two development application.
GPT head of office and logistics Matthew Faddy says the redevelopment will set a new benchmark for office building design.
“Cockle Bay Park will deliver cutting-edge workplaces, leading sustainable design and a significant new public place for the community along with a world-class retail, entertainment and dining precinct,” he says.
AMP Capital managing director office and logistics Luke Briscoe said the developers were partnering with landmark architecture firms and incorporating leading-edge urban design.
This article originally appeared on www.theaustralian.com.au/property.
