Yesterdays SMH Business section reports that the PBL HQ in Park Street could be converted into apartments given that demand for residential apartments is higher than office and wants to capitalise on other successful projects within the area.

Sounds interesting.

Developers set their sights on flagship Packer building

THE Park Street headquarters of the Packer empire could soon be reduced to a pile of rubble only to be reborn as apartments to take advantage of the residential redevelopment of the area around Hyde Park.

AMP Capital Investors bought the building, 54 Park Street, which overlooks Hyde Park, for $50 million in August. The tenants - including PBL Media - are said to have signed three-year leases.

Dale Phillips, the manager of the fund, told BusinessDay the property was earmarked to be converted into apartments after the leases expire. He said that discussions were continuing with the tenants about extending the leases after the 2013 expiry, but a deal was yet to be confirmed.

The Park Street bunker has had a colourful history. It was the site of a daring gold bullion heist in 1995 when thieves broke into a safe in Kerry Packer's office on the fourth floor and stole more than $5.4 million in gold bars.

It was also where the late tycoon famously put the cheque from Alan Bond for his $1 billion sale of Channel Nine on the back of his private toilet door.

However, demand for apartments around Park, Liverpool and College streets is increasing more quickly than demand for office blocks.

The owner of the tower, AMP's unlisted opportunity fund, called Select Property Portfolio No.3, has 45 assets in its portfolio which includes The Residence Hyde Park (apartments), 30 The Esplanade, Perth, and 54 Park Street.

Mr Phillips said sales at The Residence had been defying the market. Buyers were showing keen interest in the site, and some significant sales had already been achieved.

Mr Phillips said the eastern end of the CBD was emerging as a keenly sought-after residential hub as the buildings had views of Sydney Harbour, the CBD and towards the Blue Mountains.

It is expected that as the credit markets improve, the fund will sell the Perth site, worth about $50 million, and plough the cash into other opportunistic assets.

http://www.smh.com.au/business/developers-set-their-sights-on-flagship-packer-building-20091206-kcus.html

If it get's demolished can it be rebuilt to it's existing height ?
I ask this because I thought that this tower, in it's current form, is way above the CSPC's height limits that were set in the 1990's, so I'm hoping that it won't be replaced with a lame resi tower half it's height.....

I dont think it will get demolished.

It's such a thin building and would make great boutique apartments.

PBL is the one in the middle.

http://img515.imageshack.us/img515/6271/p7078354.jpg

I don't think that one is over the height limit for the area. Also, the views from there aren't as great as the article was making out.

The PBL building is T-shaped in plan with frontages, behind both corner blocks, to Castlereagh and Elizabeth streets. Talk of the height of a new tower being shorter than what is allowed or existing is confusing the site with another site. The current buildings, all essentially the same height, are at the current allowable height b/c of Hyde Park across Elizabeth Street to the east.

Sorry guys, I thought the article was referring to the 160m office tower on the corner of Park St which PBL have offices in as well I think ?

Thats 201 Elizabeth Street, placing it in a different street altogether.

The PBL building is T-shaped in plan with frontages, behind both corner blocks, to Castlereagh and Elizabeth streets. Talk of the height of a new tower being shorter than what is allowed or existing is confusing the site with another site. The current buildings, all essentially the same height, are at the current allowable height b/c of Hyde Park across Elizabeth Street to the east.

Here's the Castlereagh street side.

http://img706.imageshack.us/img706/2613/dscf2938.jpg

If you walk past the entrance in Park Street, they have spruced it up entirely in recent years. Until then it was non discript.

Fin Review

Property briefs
PUBLISHED : 8 hours 49 minutes ago PUBLISHED: 23 Dec 2010 12:08:20 PRINT EDITION: 23 Dec 2010


AMP Capital Investors has bought 50 Park Street in the Sydney CBD for about $15 million to expand the Consolidated Press building site it acquired last year.

50 Park Street is the building on the corner of Park & Castlereagh streets. Now if/when they acquire 60 Park Street on the corner of Elizabeth Street, they'll have a decent sized site.

Combining the sites would provide for a nice unit block. I have been up to level 11 of 60 Park Street and the views over Hyde Park are good.

So presumably with the sale of these buildings and the potential redevelopment of Channel Nine's studios in Willoughby, Nine Entertainment (the new name for PBL Media) will be looking to move everyone in together... any ideas where they might go?

Redfern has been mentioned as a possible site.

The rumour mill has been around a fair while: http://www.skyscrapercity.com/showthread.php?t=542814

The SMH reported last week that it may ditch plans for apartments. In fact both 54 and 50 Park Street are up for sale. There is more potential for commercial redevelopment of the site.

http://www.smh.com.au/business/strong-market-prompts-park-street-sale-20110530-1fd0i.html

Get 58 Park Street and you can build a bulky office tower. It cannot be tall but the floorplates would appeal to tenants.

Only noticed it this arvo: ad for sale of 50-58 (?) Park Street with possible development showing a tiered building up to about 23 storeys in the middle section, lower on the Elizabeth Street front.

This one, Brizer?

http://i87.photobucket.com/albums/k160/papervagina/58-ParkStreet-Sydney.jpg

From http://www.realcommercial.com.au/property-offices-nsw-sydney-5790775

I like that concept. The future of the site is really open, so it could be an either way bet.

That's it! Tah. b

wow, i havent even seen that. looks good. with sun plane shape for higher bldg.

The treatment of the heritage building is all wrong. It looks like it's being crushed.

its a shocker atm. its seidlers first job in sydney with 7storey additon.

Fortunately it's only an indicative impression. They will have to resolve the incorporation of the heritage building rather more successfully in the final design - should it proceed.

Here:

Cul: did we have a thread for this> isnt row of bldgs overlooking hyde park?
todays finrev
Kyko pays $90m for Packer HQ
The Kyko Group has bought a site including the late Kerry Packer’s former headquarters in Park Street, Sydney for $90 million

ah, thanks briz. so i guess one step closer. may even get a da lodged one day