Sydney City Council acquires Next George St building for Square
The city of Sydney Council has acquired the next building on George street for $61.7m as it finalises its plans to build a new Town Hall Square.
Council have previously permitted leases in the buildings bounded by Pitt, Park and George Street to be extended to 2021, the earliest date for potential demolition works.
The addition of 546 Pitt Street finalises the acquisition plans for the block. In 2016, the Council acquired 303 Pitt Street for $43m. The Council already owns the Woolworths building, the Hotel Coronation on Park Street, Park House, 307 Pitt Street and most of the strata in 309 Pitt Street.
The City of Sydney wants the square to rival other global cities.