Sydney CBD will see its first purpose-built build-to-rent tower as part of a major twin-tower development led by Oxford Properties.
Two new 39-storey towers will sit atop the new Pitt Street Metro station and comprise one build-to-rent residential building, slated for completion in 2023.
While the commercial office tower is expected to be completed in 2024.
Canadian Oxford Properties and CPB Contractors are part of the consortium assembled by construction and development giant Grocon, on the transport infrastructure development, dubbed “the biggest urban rail project in Australian history”.
The appointment confirmed on Tuesday sees CPB contractors, the construction arm of CIMIC Group, work with Oxford Properties on the design and construction of the two new 39-level towers.
CPB Contractors will build the new Southwest Pitt Street Station in a $463 million contract for the station's design and construction.
CIMIC Group chief executive Michael Wright said his group’s revenue for the towers component of the project would be “confirmed at contract execution”.
The Pitt Street transit oriented development will deliver up to 65,000sq m of space in a new commercial and residential hub around Pitt Street and Bathurst Street.
The 39-storey, Foster+Partners in collaboration with Cox Architecture designed office tower will comprise 47,480sq m of office space, along with a retail plaza planned at 252 Pitt Street.
While Sydney CBD’s first purpose-built large-scale build-to-rent residential building, designed by Bates Smart, will deliver 230 apartments over 39-storeys.
Oxford Properties Australia director of development Ian Lyon says the south tower is a “major milestone” for Sydney’s residential market as the first purpose-built, large-scale build-to-rent tower in the CBD.
Lyon said the group’s plans for Pitt Street are in line with Oxford’s strategy to invest in high-quality assets in high-growth global gateway cities.
“And the Pitt Street project represents a substantial and long-term investment in Sydney,” he said.
Amenities will include a restaurant and bar, lap pool, indoor-outdoor fitness centre, fully equipped gym, cinema, and rooftop entertaining area.
Oxford Properties, the real estate investment arm of OMERS and one of Canada’s largest pension plans, entered the Australian market late last year through its $4.5 billion take of Investa Office Fund (renamed Oxford Investa Property Partners).
The station development to be delivered by CPB Contractors will see a 250-metre-long underground Pitt Street Station running from Park Street to Bathurst St, between Pitt and Castlereagh Streets, and will connect the two station entries with retail and commercial facilities.
Work on the station will begin next year and is expected to finish in 2023.
Sydney Metro is expected to deliver 31 metro stations and more than 66 kilometres of new metro rail by 2024.