So rather than start a new thread for each development site that goes on sale, I thought it would be better to have a single thread from which we can extract information when DAs come about.
338 Pitt Street
A commanding corner location with exceptional development potential*
As the exclusive selling agents Savills and CBRE are proud to offer the 100% freehold interest in 338 Pitt Street, Sydney and 126 Liverpool Street, Sydney for sale via an Expression of Interest closing at 4pm on 19 June 2014 (AEST).
Quality A-grade building with substantial holding income that offers the purchaser the luxury of choosing the optimal time to redevelop, WALE of 1.87 years.
The last significant corner site in this precinct of Sydney therefore we encourage all investors to closely asses this rare opportunity.
NABERS: 2 - Star NABERS Energy Rating
All pics from: http://www.commercialrealestate.com.../for-sale/nsw/sydney/development-land/offices
Screen Shot 2014-06-05 at 8.39.14 PM by Sky_Is_The_Limit1, on Flickr
Screen Shot 2014-06-05 at 8.39.23 PM by Sky_Is_The_Limit1, on Flickr
Screen Shot 2014-06-05 at 8.39.43 PM by Sky_Is_The_Limit1, on Flickr
Screen Shot 2014-06-05 at 8.39.35 PM by Sky_Is_The_Limit1, on Flickr
The Australian ran an article on May 7 with this to say about 338 Pitt Street:
The Australian has also said this about 338 Pitt Street:There are few comparable opportunities available in the city, with only AMP Capital’s offer of 338 Pitt Street — on which a 50-storey scheme has been worked up — on the market at over $100m through CBRE and Savills at the moment.
AMP sale tipped to attract offshore buyers
GREG BROWN THE AUSTRALIAN APRIL 12, 2014 12:00AM
Save for later
OFFSHORE developers are expected to chase an office building in Sydney’s central business district that AMP Capital has put on the block with hopes of more than $100 million.
AMP Capital Investors has called in CBRE and Savills to sell the building at 338 Pitt Street, which is opposite World Square in the city’s hot apartment district. The building, which sits in the group’s $2.9 billion AMP Wholesale Office Fund (AWOF), is well suited to residential conversion, said AWOF fund manager Nick McGrath. “(It) is a good quality, A-grade building that is located in a part of Sydney proving very *attractive to property developers looking for residential conversion opportunities,” he said.
The Australian revealed last month that AMP had called for submissions on the tower. It follows AWOF’s sale in February of the former Tabcorp headquarters in inner-city Sydney to Chinese developer Auswin TWT Developments for $63m. Auswin TWT plans to build 250 apartments on the site. The expressions of interest campaign is expected to begin by the end of the month.
Between 40 to 50 per cent of the building, which was built in 1997, *is now vacant. The previous anchor tenant, State Street Australia, left in 2010, vacating about 10,000sq m of space. AMP bought the tower in 2005, when it was 94 per cent leased.
Another building with residential conversion potential is back in play, with Charter Hall putting 59 Goulburn Street up for sale through CBRE and Knight Frank.
There have been a host of recent plays by developers aiming to convert Sydney office buildings into apartment towers to take advantage of the city’s booming residential market.
A Singaporean developer has bought 54 Park Street and 227 *Elizabeth Street, while Chinese developer Greenland Holdings will today start marketing the second stage of apartment sales in a tower on the former Sydney Water Board headquarters.