Dexus Consolidates Sydney CBD site with Brookfield deal
Dexus appear to have been successful in consolidating a large site between Pitt Street, Spring St and Bridge Street paying Brookfield close to $190m for 3 Spring Street. The sale is a win for Brookfield who the site for $70m from the Christie Group in 2016.
Dexus has also successfully gained control of the strata building at 60 Pitt Street and had previously denied suggestions about a tie-up with Brookfield over the whole block. Whilst in the same block, Kingsmeade recently sold 62 Pitt Street to the Bank of Beruit for $50m.
Meanwhile across the street Lend Lease via its APPF Commercial Fund and the Abu Dhabi Investment Authority have also been consolidating properties between Spring and O'Connell Street for a major redevelopment.
This specific part of the Sydney CBD is one of the few locations in which building heights could potentially extend to 235m with little interference from sun planes, heritage or special conservation zones. The City of Sydney Council in March this year endorsed a decision to place the Draft Central Sydney Planning Strategy on public exhibition.
Lend Lease and Dexus are positioning these sites to take advatnage of the new controls.