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Old June 17th, 2004, 02:41 AM   #1
finn
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Completed | CBD NORTH | Stamford Residences | 30st/88m | Residential

Here's the new destiny for the Gloucester St site across the street from Cove - no longer plans for a 5-star hotel, which wasnt seen as financially viable, but instead another uber-luxe residential tower for The Rocks neighbourhood!

$200m Unit Tower For Rocks

Kathryn House
521 words
17 June 2004
Australian Financial Review
54

Another luxury apartment tower will be built in Sydney's historic The Rocks district following the sale of a major site next to the Harry Seidler -designed Cove apartments.

After years of uncertainty, the Sydney Harbour Foreshore Authority yesterday sold a 99-year leasehold over the Gloucester Street site to Stamford Windsor Ltd , a subsidiary of Singapore's Stamford Land Corporation .

While the sale price has not been disclosed, the leasehold is understood to have fetched between $21 million and $25 million after a last-minute bidding war between Stamford Windsor and Cove developer Grocon , which was keen to replicate the success it enjoyed with its neighbouring project.

Stamford Property Services general manager Anthony Rice said his group intended to build a $200 million apartment tower on the site, to capitalise on its prime location and views of Sydney Harbour.

Stamford controlled by Singapore property magnate C.K. Ow is already building 83 apartments in the nearby Stamford Marque on Kent Street and is awaiting approval to convert its Sir Stamford Hotel at Double Bay, in Sydney's eastern suburbs, into luxury units.

Buying the Gloucester Street site was evidence of Stamford's continued confidence in the Sydney apartment market, although Mr Rice said the group was being very selective and targeting its projects at owner-occupiers.

"Sites in the northern CBD are very difficult to find and I think with the success of the Cove, which adjoins the Gloucester Street site, the medium-term prospects are good," Mr Rice said.

"The product we've done appeals more to the owner-occupier than the investor and at the moment it's the owner-occupier who will pay the premium."

'We're not ignoring what's happening in the marketplace but we're trying to be very selective. Our projects are all high-quality developments in good locations with good views."

While the Gloucester land is already approved for 130 apartments and some associated commercial and retail space, Stamford is likely to submit a new development proposal.

Some retail and commercial space will also be included in the new plan, which retains the site's historic Reynell Building .

Colliers International agent Jarrad Grierson negotiated the sale for Sydney Harbour Foreshore Authority , which in recent weeks has also sold the Water Police site at Pyrmont. The Water Police land was sold to Sydney City Council for $11 million and will be converted to a harbourside park.

The Stamford deal follows a series of failed attempts by SHFA to sell The Rocks site, at 171-193 Gloucester Street (Cityscope documents refer to a failed deal in 1989 to sell the leasehold to White Developments ).
Numerous parties have since negotiated with SHFA over the land, including Meriton Apartments , Mirvac and Grant Samuel.

The sale to Stamford comes less than 12 months after SHFA abandoned plans for the site to be developed as a five-star hotel after tenders revealed the project was not financially feasible. The site comprises three properties and has a total area of 1759 square metres.
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Old June 17th, 2004, 03:02 AM   #2
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excellent!!! another apartment tower!!! this should be approx 100m high! so atht area will certianly be full of landmark towers.
hopefully a DA model will come in soon and ill post a pic of model.
cheers
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Old July 12th, 2004, 08:07 AM   #3
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the architects took a template for the model today and the "tower" form is identical to next door COVES! but at a north /south angle! i enquired about height and it doesnt look much shorter than Cove,! so another 500footer on the way!!
model will be in over next few weeks!
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Old July 12th, 2004, 10:16 AM   #4
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*clears throat*...YYYYYAAAAAAAAAAAAAAAAAAAAAAAAAAYYYYYY!!!!!!!!
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Old July 12th, 2004, 11:24 AM   #5
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Cool
will add to that cluster so !
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Old July 12th, 2004, 12:03 PM   #6
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Another 500 footer! That sounds really cool! And I am sure an excellent design will follow! (Thank God this is 'No Meriton' territory! lol)
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Old July 12th, 2004, 11:26 PM   #7
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Excellent. I've always liked Cove for it's slender, oval shaped design with it's wavy balconies and to have another one built with the same in the area is great news.

I prefer it was lined up in the way Cove is to add to the vista as seen from Observatory Hill. Like Cove, you would be able to admire the tower at it's most slender (and it's best).

I bet Harry S was involved in this one. At least there is a prominent figure in this city who wants to build tall and Harry happens to be one of them . He should join the forums because he would be a very welcome man here, even if it means he gives Avatar style lectures to get his point across .
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Last edited by Fabian; July 13th, 2004 at 03:07 AM.
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Old July 13th, 2004, 03:04 AM   #8
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kann finch are the architects.
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Old July 29th, 2004, 05:25 AM   #9
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a guy come in today for a quick model shoot of one of the proposals.
this one is 120m tall.
i love its slenderness. its turned north/south to allow sun into Wynyard park.
previous approvals have been only 90m and 30 storeys. this one seems to be better designed which allows a taller shape.



its actually quite wide. the 2 storey bldg to its immediate south is also part of complex. thus the overhang, it will be restored .


i asked if this was as tall as it could go, and he said he could go higher!
he said it had to be a height somewhere between Cove and Observatory apartments to respect the heights in the area.

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Old July 29th, 2004, 05:30 AM   #10
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Quote:
Originally Posted by CULWULLA
i asked if this was as tall as it could go, and he said he could go higher!
he said it had to be a height somewhere between Cove and Observatory apartments to respect the heights in the area.
....or to respect the views west from Cove's Penthouses....
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Old July 29th, 2004, 05:35 AM   #11
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lol, yeah you should NEVER buy a unit in the city for the views!! but looking at the angle, its probably the best outcome for the Cove.
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Old July 29th, 2004, 05:44 AM   #12
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Looks great, but will Queen Clover approve of this ????
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Old July 29th, 2004, 05:52 AM   #13
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That will look pretty cool the way the heights go down from Grosvenor to Cove to the new tower and they all have a similar shape.

136m would be better, then you would have:

Grosvenor: 180m
Cove: 158m
New Tower: 136m

perfect hehe
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Old July 29th, 2004, 06:47 AM   #14
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Quote:
Originally Posted by SinCity
Looks great, but will Queen Clover approve of this ????
would you believe she has no say in it! its Sydney Cove Authority and state planning.
grollo- yeah i hope it gets a tad higher.
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Old July 29th, 2004, 08:01 AM   #15
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Looks good at the moment. It's becoming a bit of a tight squeeze in that part of town
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Old July 29th, 2004, 08:09 AM   #16
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i do like in the last photo good angle
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Old July 29th, 2004, 09:33 AM   #17
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yes i agree, this has to be the "landmark" capital of oz in that section of the CBD! evry bldg is a stand alone tower! very manhattan!
it has to be the greratest collection/cluster of highrise in Oz?

ana hotel-126m
quaywest-142m
regent hotel-110m
grosvenor pl-180m
aapt-193m
cove-158m
new tower-120-40m?
observatory-120m
aussie sq-170m
westpac-134m
jamison st hotel-123m
highgate-100m
wow!
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Old July 29th, 2004, 10:01 AM   #18
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Sorry, I couldn't live there. The noise from the roads below would make me want to jump. And one other thing, I don't consider anything south of the Cahil Expressway part of The Rocks. What does everyone else think?
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Old July 29th, 2004, 10:10 AM   #19
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i dont know with the entrance to the bridge you still fell in its shadow
any where north of lang park has that feel to it to me at least and I stayed in the ANA many times and dont really notice the traffic behind the double glazzed glass when your 20F up.
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Old July 29th, 2004, 10:34 AM   #20
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Despite anyone's personal opinion on the matter, the Rocks has always included the area north of Grosvenor and the interloper is that planning disaster of the 1950s, the Cahill Expressway, which created a division that was not there before historically.
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