City of Sydney Set for $200m Windfall from Pyrmont Site Sale
A major Pyrmont site with mixed-use development potential has been offered to market by the City of Sydney in a bid to create public facilities in Sydney’s densely-populated Pyrmont.
The 14-26 Wattle Street property is pegged to deliver a new childcare centre and an indoor recreational centre, of which ownership would be transferred back to the City of Sydney, while allowing for a mixed-use component of commercial and residential.
The planning framework for the prime 1.2-hectare site allows for more than 50,000sq m of mixed-use floor space, including a 91-place childcare centre and a multi-use indoor recreational centre.
CBRE’s Scott Gray-Spencer and Kelwyn Teo have been appointed to manage the sale.
“Through the sale structure, the successful purchaser will have the opportunity to secure development approval prior to settlement, substantially de-risking the project,” Gray-Spencer said.
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Lord Mayor Clover Moore said the sale would help create much-needed public facilities for the area’s increasing population.
“Selling land surplus to requirements will help the City respond to the growing recreation and daycare needs generated by high-density residential developments and the expanding Ultimo Public School,” Moore said.
The Pyrmont site had been earmarked as the new location for the Ultimo Public School, but the Department of Education walked away from the deal to purchase for $74 million in 2015.
The Pyrmont and Ultimo precinct are home to major corporates such as Google, Accenture, Domain, American Express, Channel Ten and Channel Seven.
“From a residential perspective, the site benefits from its proximity to the CBD, Broadway Shopping Centre and Central Park, as well as direct connectivity to Sydney’s major universities including the University of Technology Sydney and the University of New South Wales via the light rail,” Grey Spencer said.
The expressions of interest campaign is due to close late October.
