Aqualand Snaps Up $180 Million Waterfront Site

Aqualand Australia has acquired a prime waterfront site as well as the adjoining Channel Seven headquarters on Pirrama Road in a deal valued in the order of $180 million.

Citta Property Group's Stephen McMillan said, "We were very pleased with the overwhelming response to the marketing campaign and are delighted that Aqualand was the successful party."The initial marketing campaign was for Stage 1 of the project - No. 8 Darling Island Road - a freehold property which features an iconic eight-level, federation heritage building with development approval for a conversion to 46 luxury apartments.

The sale process was subsequently extended to include 6 Darling Island Road and 34-38 Pirrama Road. 6 Darling Island Road has Development Approval for a new 8-storey building featuring 32 luxury residential apartments. The building has been designed by renowned architect Koichi Takada. 34-38 Pirrama Road incorporates two heritage buildings and a smaller gatehouse building all subject to Channel Seven's tenancy.

ALSO SEE: Aqualand Australia Snaps Up Melrose Park Development Site

Combined, the sites have a total area of approximately 1 ha.

Aqualand General Manager Wayne Xiong said, "Darling Island is one of the most exciting pieces of land in Sydney and this development by Aqualand will create an opportunity for those looking to enjoy a luxury lifestyle on the prestigious Sydney Harbour foreshore. Over the next four years, this will become one of the most sophisticated and attractive residential areas in Australia."CBRE's Justin Brown, Peter Krieg and Matt Ramsay were exclusive marketing agents. Matt Ramsay said the sale campaign had generated significant interest from both local and offshore developers.

"The highly sought after location, right on the water's edge at Jones Bay, and stunning views were key draw cards for prospective purchasers, particularly in light of the existing development approval for the No 8. REVY site," Mr Ramsay said.

[urbanRelatedPost][/urbanRelatedPost]"Both sites are freehold title - which is a rarity in this type of location - and offer ready access to both the CBD and the Barangaroo precinct."The property has a rich history, forming part of the heritage listed Royal Edward Victualing Yard - the first Royal Yard in the Southern Hemisphere.

The landmark buildings were originally constructed to warehouse general goods for the Australian Navy and the Postmaster General's Departments, with No 8. REVY representing one of the few surviving narrow vertical warehouse designs in Sydney.

The adaptive reuse of No 8. REVY has been designed by architect Andrew Andersons of PTW Architects in collaboration with William Smart of Smart Design Studio and George Freedman of PTW Architects, designing the interiors.

The development approval for No.8 REVY allows the property to be converted into two four-bedroom apartments, 16 three-bedroom apartments and 28 two-bedroom apartments in addition to a 57 space basement car park. The approved design also includes a luxurious rooftop terrace incorporating a 25 metre pool, sundeck, dining and entertaining areas and landscaping by Daniel Baffsky of 360o.

The building affords panoramic views of Sydney Harbour, the city skyline and Harbour Bridge and is within walking distance of the Sydney CBD, Darling Harbour and The Star Casino.

CBRE’s Justin Brown said the existing development approval over No. 8 REVY - which accounts for two-thirds of the land holding - had been a key selling point.
“This will allow Aqualand to quickly commence selling the proposed apartments off the plan to capitalise on the current strength in Sydney’s luxury apartment market,” Mr Brown said.

He also noted No. 8 REVY’s valuable freehold title, saying; “It is a rarity especially for the property’s heritage style and positioning on Sydney Harbour. And this is one of the last developable sites remaining in the rejuvenated western corridor of the CBD.”