Three heavyweights will join to facilitate construction on a new $1bn 44 storey office tower, ampitheatre and new retail towards an upgrade to the Darling Harbour area in Sydney, according to The Australian Financial Review.
The consortium presenting the plan include co-owners of the site at Darling Park, GPT, AMP and Brookfield, and will join to to revitalise Cockle Bay Wharf, from the eastern side of Darling Harbour from the Pyrmont Bridge and south to form a world class waterfront precinct.
The plans are expected to compete with the city's new Barangaroo development.
As the final move in the Cockle Bay upgrade, it's expected that Mirvac - the owner of Harbourside shopping centre - in later years will commence a revamp of the mall.
GPT's wholesale office fund will co-ordinate the Darling Park project in the area that was the first to open at Cockle Bay in 1995. The main tenant is now the Commonwealth Bank, which may lose some of its views with the new tower.
In 2015 GPT raised $30.5 million through its sale of two land sites at 1 and 2 Murray Rose Avenue, Sydney Olympic Park. The sites were purchased by Chinese developer Haisheng.