Landream pay $200M for Pyrmont Site
Following plans to scrap a new public school for Pyrmont on the site, the Sydney City Council have sold a 1.2ha site in Wattle St, Pyrmont to Landream for $200m. The Melbourne-based developer is also behind the Opera Residences project at Circular Quay with Chinese Development partner Macrolink.
The council's sale to Landream is conditional upon the provision of a 91-place childcare centre and a two-court indoor recreational centre. The site has approval for approx 48,000sqm of floor space which will predominantly be used as apartments, though commercial uses will also be considered.
Settlement of the sale will be conditional upon an acceptable development approval from Council.
The sale at $200m represents a rate of $16,000psm of site area which compares to the recent $61M sale at 21 Harris Street at $20,033/sqm.
The surrounding Pyrmont precinct is set to be transformed by the redevelopment of the Sydney Fish Markets, the harbour foreshore and Wentworth Park. The site is also adjacent to the Light Rail providing good access back to the city.
CBRE acted for the City Council on the sale.