CBD NORTH - #COMPLETED: 8 Chifley Square (Goodsell Tower) - 33st/145m/office

[christarrant]

Cul, do we know about this one ?? In today's Propertyweb.com news. Can't remember if you'd already mentioned the development opportunity for this...

JV acquires Goodsell Building for $60.2 million
Property Web
Feb 24, 2006

Mirvac Group has acquired the Goodsell Building in Sydney for $60.2 million in a 50-50 joint venture with the Australian Retirement Fund (ARF). The vendor was the NSW State Government, who is also the current tenant in the building until at least February 2008.

The Goodsell Building is an 18 level commercial property comprising 13,550 sqm of net lettable area and basement car parking for 25 cars. The property is located on the corner of Hunter, Phillip and Elizabeth Streets in Sydney CBD.

The NSW State Government is currently paying a passing gross office rent of $365 per sqm.

Mirvac's joint venture partner in the acquisition, ARF, appointed James Fielding Funds Management in August 2003 to source, undertake and manage property investments. The mandate is primarily focused on property development and value adding projects including the refurbishment and re-letting of existing buildings.

"This site is one of the last premium development sites in the Sydney CBD and Mirvac together with ARF are investigating a number of redevelopment options for the site after the lease to the current tenant expires," said Nicholas Collishaw, CEO Investments for Mirvac.

"This is an outstanding medium-term redevelopment opportunity, being located in the heart of the CBD financial district and adjacent to a number of Sydney's best premium grade buildings including the recently completed Deutsche Bank Place (126 Phillip Street), Chifley Tower and Aurora Place," he added.

Settlement is expected to take place in April 2006.

[CULWULLA]

yeah i mentioned it about a year ago when i learnt it might be for sale. It does look like it will be completly demolished instead of a refurb with addition. The goodsell bldg from 1970 is 84m high and its site can only go to 120m.
The site is a prime posi and the new bldg should be a futuristc skyscraper. lets hope the design comp attracts some good designs.

[finn]

Originally Posted by CULWULLA

yeah i mentioned it about a year ago when i learnt it might be for sale. It does look like it will be completly demolished instead of a refurb with addition. The goodsell bldg from 1970 is 84m high and its site can only go to 120m.
The site is a prime posi and the new bldg should be a futuristc skyscraper. lets hope the design comp attracts some good designs.

120m high? Sounds ideal for the huge floor-plates everyone is craving!

[Cariad]

I like the water feature is this building, the one incorporated into the wall, I hope they keep it or move it somewhere else should it be demolished.

[Muse]

I've always liked it as far as boxes go, but it needs to be demolished. It's now 35 years old and has stood up pretty well however...

[papervagina]

I think it would be a shame if they knocked this one down. I really like the smooth black facade and the way the windows are inset quite a bit - makes it look really solid or something. Reminds me a lot of the Energy Australia Building on George St. The arches of the podium are rubbish, though.

[Randwicked]

Why only 120 with Chifley and BT right next door? Crazy friggin town planners...

Sydney's finest pebblecrete!

[Muse]

It is a solid looker. I rarely say this, but would be nice if it were much taller - @ least 3 times its height.

2 pics of it that can be enlarged, taken by CULWULLA @ Goodsell Building

Pic taken by Peter Maloney aka Blue Cooper in May '05 from Sydney Tower, nestled amongst the Chifley Talls Club:

[CULWULLA]

its a good day for sydney.
rumours. pre DA is coming in soon at 200m+
ill change thread title.
woohoo!!

[Westonian]

Originally Posted by CULWULLA

its a good day for sydney.
rumours. pre DA is coming in soon at 200m+
ill change thread title.
woohoo!!

holy Frak (BSG language)

thats awesome!

[MILIUX]

It's almost like a guarentee that the quality will be good. No developer will build shit building in a prime position. It doesn't sound right when building an eye-sore near Deutsche Bank Place, Aurora Place and Chifley Tower.

Quality will be guarenteed!!

[MILIUX]

Culwulla, what is the maximum possible height for that block? 235m?

Then i hope it's not 200m + of spire.

[CULWULLA]

obviously early days but its gonna be slim, tall and units.
i ve heard the word "crystal" in its design.

[MILIUX]

So there won't be another design competition?

Design has already been chosen but yet to be stamped for approval?

[SinCity]

Originally Posted by CULWULLA

its a good day for sydney.
rumours. pre DA is coming in soon at 200m+
ill change thread title.
woohoo!!

Sounds great. They need to considering lifting a few of these height restrictions around the place.

A 120m proposal would go to waste here. Barely noticable on the skyline.

A 200m project wouldn't seem too over the top IMO.

[CULWULLA]

the devloper first comes in with there proposal and its shape/height etc is then agreed upon. Once this happens, then a design come happens to get an even better design within that approved envelope.
I was walking around the bot gardens today and had a look down Hunter st with DB Place at top then Goodsell then Capita and anz etc further down. The Goodsell replacement will probably get approval midway between 240m spires of DB Place and 160m high Capita centre.say 200m? lol
i also checked out its shadow effect on Martin place which is one block south. could have a slight problem but if tower is setback right it should have minimal effect on the martin place section.
What an area this will be if we get another 200m tower? another to join chifley talls club.
ill let you know when pre DA is in.

[citiboy]

i have always liked this building small but stylish ----it should not be pulled down for a 120m building ---over 200m its worth pulling down --a great area so 200m plus would look good another landmark in this area of landmark towers

[CULWULLA]

^i concur. as mentioned in first post, resi developer- MIRVAC are developers, so maybe a tall slender resi?

[Gargarensis]

thatd sure break the commercial/office mould that dominates that part of the cbd...

[Grollo]

No developer would build an apartment building on that lot, the astronomical office rents they could charge for a premium grade office building on that land would significantly outweigh the returns they could make from selling apartments.

Like many other resi developers Mirvac have been burned by the apartment market in recent years so are looking towards a more balanced portfolio.