A major City of Sydney site in Pyrmont has been secured by local developer Landream, who have announced plans for a landmark, mixed-use project.
The 1.2-hectare former council depot, generated significant interest from the market, however the final sale price has remained undisclosed. Estimates in September of 2018 put the end sale price at $200 million plus.
The new owners have committed to deliver a childcare centre and a multi-use, indoor recreational centre for the local community as part of the project. A fully accessible site link connecting Wattle and James Streets will also be included to improve public access.
A Landream spokesperson said the City of Sydney acquisition provided a rare opportunity to revitalise a major part of the Pyrmont precinct, with the group continually seeking to increase its development pipeline.
Over the next six years, Landream will deliver residential, commercial, land and mixed-use projects with a gross development value of more than $3 billion.
The newly acquired Pyrmont site will offer around 48,000sqm od mixed-used space, including a 91-place childcare centre and an indoor ‘two-court’ recreational centre, which the City of Sydney will own and operate.
When the sale plans were announced, Lord Mayor Clover Moore said the disposal would help create much-needed public facilities for the area’s growing population.
The property’s prime location, near the soon-to-be revamped Sydney Fish Markets, the harbour foreshore and Wentworth Park and on the doorstep of the light rail, was a key drawcard for prospective purchasers, providing an opportunity to secure a significant, infill development opportunity.
CBRE’s Kelwyn Teo, Scott Gray-Spencer and Ben Wicks handled the sale on behalf the City of Sydney.