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Discussion Starter · #1 ·
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:
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.
http://www.theaustralian.com.au/bus...s-gic-cashes-in/story-e6frg8zx-1226907962407#
The Australian has also said this about 338 Pitt Street:
AMP sale tipped to attract offshore buyers
GREG BROWN THE AUSTRALIAN APRIL 12, 2014 12:00AM
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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.

http://www.theaustralian.com.au/bus...offshore-buyers/story-fn9656lz-1226881354775#
 

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Galactic Ruler
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LOL who the hell would choose a moss coloured lounge and rug???????????? that's revolting.
 

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havent heard much about 338pitt, sounds good
but i know 233 pitt is headed for the ceiling which is right next door in this pic i took years ago 338 is uc
 

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havent heard much about 338pitt, sounds good
but i know 233 pitt is headed for the ceiling which is right next door in this pic i took years ago 338 is uc
Yes, 338 Pitt Street was the first new office tower to be built after the big property crash of the early 90s.

I remember that well as I was in primary school at the time and it's when my interest in development began to crystalise. I actually cut out the article from the newpaper at the time and still have it in a scrapbook. Oh the memories...
 

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yes, hey how old where you when i met you at city model? 18? your maken me feel old
 
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yes, hey how old where you when i met you at city model? 18? your maken me feel old
When did you start producing the hand-drawn diagrams that were available near the glass case with the world skyscraper models in it? I used to go in and pick those up - that was when I was 13 or 14. I remember the 4-tower World Square approval was still in the city model. Not sure if I met you then though - that was years before skyscraper forums existed!
 

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my god, mid90s i started doing drawings. hoping the city model will be back on 2 soon. maybe july
 
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Sydney: World's best city
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Yes, 338 Pitt Street was the first new office tower to be built after the big property crash of the early 90s.

I remember that well as I was in primary school at the time and it's when my interest in development began to crystalise. I actually cut out the article from the newpaper at the time and still have it in a scrapbook. Oh the memories...
Was that from The Daily Telegraph because I've got it scanned from the microfische in my computer?
 

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Discussion Starter · #10 ·
‘Neighbourhood’ vision for city tower: Vision Investment’s billion-dollar plan
THE AUSTRALIAN NOVEMBER 08, 2014 12:00AM
Greg Brown

CHINESE-backed developer Vision Investment Group is eyeing a billion-dollar-plus luxury apartment and hotel project with Richard Gu’s AXF Group after agreeing to buy a Sydney CBD *office tower for $156 million.

VIG yesterday entered into an agreement with GDI Property Group to buy 233 Castlereagh Street, which has long been flagged as a residential and hotel conversion. The deal is expected to settle in September next year.

It is likely to be part of an overhaul of the entire block bounded by Castlereagh, Pitt, Bathurst and Liverpool streets.
..........

VIG chief executive Michael Guo said the group aimed to build apartments, a hotel and retail space on the 233 Castlereagh Street site. “We would like to bring an exciting and innovative product to the people of Sydney,” Mr Guo said.
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AXF Group bought the adjoining building, at 241 Castlereagh Street, from Sydney lawyer John Landerer in June. AXF is also running the ruler over the adjacent Anzac House building, at 245 Castle*reagh Street, which houses the NSW branch of the Returned Services League Australia, although Mr Guo and Mr Gu would not comment on this.

The site spanning the three *office buildings is about 3500sq m. It is thought that the developers aim to build a residential tower taller than the 235m-high Greenland Centre on Bathurst Street.
FULL ARTICLE - http://www.theaustralian.com.au/bus...116319489?nk=0b53528ac4a111564b7d11919d35da3f

Also notes potential for retail and F&B at ground level. Exciting prospect.
 

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An item I posted in Gossip Thread yesterday b/c I didn't know where else to put it - I'd forgotten about this thread:

PropertyObserver

GDI Funds Management Limited has entered into a conditional put and call option deed for the sale of 233 Castlereagh Street, Sydney for $156 million.
Cate Blanchett and Robert Redford are currently filming a new movie within the building.
 

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Sidebar: I have to figuratively pinch myself that the great Robert Redford is making a film in Sydney.

One of my favourite actors when I was growing up.
 

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175 Castlereagh st Sydney

a SMH article was posted in SYD gossip by Sky_Is_The_Limit about possible sale of this

This is now on sale and is being sold with the concept design by Urban Possible

Until it is sold and we see a DA than this thread is probably the place to park it:)

http://www.colliers.com.au/17158/#

Expressions of Interest. EOI Date 5 Nov 2015


Urban Possible Concept Proposal for Centuria Capital

175 CASTLEREAGH STREET | MULTI-RESIDENTIAL + HOTEL

CLIENT | Centuria Property Fund

STAGE | Concept Proposal

VALUE | $500,000,000

A concept proposal for a prime central city site at 175 Castlereagh Street, Sydney.

The proposal includes a 10 storey boutique hotel at the base of the building with a slender 40 storey residential tower rising above.

Unlike previous proposals for the site, the UP scheme orients the residential tower to the east such that it wholly engages with the spectacular outlook over Hyde Park,
the inner harbor and the eastern suburbs and ensures every single apartment has an unrestricted outlook.

The tower form is shaped by the constraints that define it - fluted side walls to the north and south that respond
to particular boundary conditions and an eastern face that is triangulated at the corners in response to a solar access plane
that maintains sunlight to the public domain and green space of Hyde Park.

http://www.urbanpossible.com/#/castlereagh-st/






























 

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What a waste of a prime site.
 

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Discussion Starter · #18 ·
^^
I agree.

If the Government is savvy, they will buy out all the necessary properties at a reasonable price, rezone said properties, lodge and approved Stage 1 DAs and then on-sell the properties to maximise their return for taxpayers.

I'd say these are huge development opportunities over the next 10 years or so.

And for the record, if I had to choose between another metro line and Australia's tallest building, I'd choose the metro line :)
 

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^^
I agree.

If the Government is savvy, they will buy out all the necessary properties at a reasonable price, rezone said properties, lodge and approved Stage 1 DAs and then on-sell the properties to maximise their return for taxpayers.
is that what happens to 175? the govt buys it for cheap and the owner Centuria forfeits their opportunity to build that amazing concept building.. and govt gets stage 1 approved and sells it.. almost like forced land requisitioning in third world countries.
 

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The government can't just "buy it for cheap", they have to pay fair market value which is why the current owners had the concept drawn up and put it on the market.

They can now say "well you think it's worth $100m but we had multiple offers of $200m on the open market".
 
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