This article is from the Australian Property Journal archive
DEVELOPER Landream has paid more than $200 million to acquire a 1.2-hectare former council depot in inner Sydney’s Pyrmont from the City of Sydney.
The former council depot at 14-26 Wattle Street, on the corner of Fig Street, will be used for a 48,000 sqm mixed-use project that includes apartments and, as per sales conditions, a 91-place childcare centre and indoor sports and recreation centre.
The New South Wales government had previously intended to purchase the site to enable the creation of a new Ultimo Public School, but backed out of the plans.
Landream has a six-year pipeline of residential, commercial, land and mixed-use projects with a gross development value of more than $3 billion. That includes the sold-out, under construction Opera Residences project at Bennelong Point, while it recently completed the mixed-use Beecroft Place development at Beecroft in Sydney’s north.
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.
The property is near the soon-to-be revamped Sydney Fish Markets, the harbour foreshore and Wentworth Park and on the doorstep of the light rail.
CBRE negotiated the sale.
Australian Property Journal
