This article is from the Australian Property Journal archive
The GPT Group and Citta Property Group joint tender has successfully secured the opportunity to develop the Sydney Harbour Foreshore Authority’s major waterfront site at Darling Island.
GPT and Citta paid $31 million for 5,023 sqm site. The waterfront project will include a seven level office building comprising approximately 18,000 of commercial space.
The new building, to be constructed by Buildcorp, will be on Site 6 which is part of the third development stage.
The property will have five office levels with floorplates of up to 3,500 sqm, ground floor office and retail space and basement parking for 135 cars.
GPT’s head of capital transactions Jonathan Johnstone said the acquisition was consistent with the group’s strategy to grow its development pipeline in the office sector.
Citta’s director Alister Woods the project forms another step in Citta’s growth plan.
Construction of the project is due to commence in the first half of 2007 and to be complete in the first half of 2009.
The Darling Island precinct is as part of an urban regeneration strategy for the Pyrmont Peninsula. The project began with adoption of the Darling Island Master Plan (amendment April 2002), which provided for development of the site in three stages.
Stage One include three residential developments totaling 108 units – completed by
Multiplex. Whilst Stage Two included two developments, a 25,000 sqm commercial project by Mirvac which is nearing completion and a 27-unit residential project by Mirvac, currently under construction.
When complete, Darling Island will also include more than two hectares of open space comprising two public parks and a continuous foreshore promenade.
The heritage-listed REVY and DSTO buildings, while located on Darling Island, do not come under the master plan area. Both buildings are recognised as significant landmarks in the precinct and their relationship to any new development has been respected in the master plan.
By Adam Parsons
