This article is from the Australian Property Journal archive
CIMIC’S CPB Contractors have been appointed to deliver the Sydney CBD’s first build-to-rent residential tower.
The tower, which will be erected over Sydney Metro’s new Pitt Street Station, will generate around $150 million for the contractor.
“As well as building Sydney Metro’s Pitt Street Station, CPB Contractors is delivering the design and construction of this high-rise tower above the station, working collaboratively with our clients at every stage,” said Juan Santamaria, executive chairman and CEO of Cimic.
The contract was awarded by Pitt Street Developer South Pty Ltd, CPB Contractors in 2019 had been assigned with a $463 million contract to deliver the station below in 2019, works on which are already underway.
This project brings together the global and in-market development experience of Oxford and Investa with CPB’s 50 years of building experience to provide a residential project that is seamlessly integrated with the metro,” added Santamaria.
The 39-storey tower will consist of 234 build-to-rent apartments would be retained by Oxford and Investa, before being launched to the rental market.
“CPB Contractors is proud to be working closely with Oxford and Investa to deliver this major project in Sydney’s CBD. This is a high-profile addition to the building projects that CPB Contractors is already delivering across Australia in the defence, health and social infrastructure sectors,” said Jason Spears, managing director of CPB Contractors.
Facilities in the tower, which is set to be built over the south entrance of Pitt Street Station, will include a floor dedicated to wellness, a rooftop terrace and connections to adjoining retail space.
Oxford and Investa were recently granted approval for a 39-storey commercial tower over the north entrance of the station, to be called Parkline Place, which will include 47,800sqm of office space and 1,290sqm of retail space.
CPB Contractors are set to commence construction on the southern tower in 2021, with completion scheduled for 2023.
