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Coombes group raises curtain on cinema development
KYLAR LOUSSIKIAN THE AUSTRALIAN MAY 15, 2014 12:00AM
THE private Coombes Property Group is poised to develop its George Street cinema site, joining a slew of high-rise residential developments in central Sydney.
The company is in talks with City of Sydney planners with a view to launching one of the city’s tallest towers, with reports that the proposal could rival the nearby 66-storey Greenland Centre.
Coombes bought the George Street cinema site from the listed Challenger Financial Services Group in 2009 for $85 million and the area has since surged as apartment developers target the southern end of the central business district. Industry sources speculated that the proposed building could be up to 235m tall, with 600 apartments, putting it in the same ballpark as the Greenland Centre on nearby Bathurst Street.
China’s state-owned Greenland tower on the old Sydney Water Board building will be 235m high with 470 apartments when complete in 2017.
Greenland has had two releases, selling out the 370 apartments offered to date, and will soon release the top units for sale.
More than 5000 apartments are proposed in Sydney’s CBD, according to Deep End Services principal Kevin Stanley, although only 500 are under construction. “What we’re finding about this cycle is that there is a lot more proposed than are being built, and it remains to be seen if they will be built,” he said.
Mr Stanley said the bulk of the proposed apartments were in the middle to upper price range of the market. “That’s pretty safe territory, but it’s important that developers’ price expectations don’t rise too high. That was the issue that cropped up in the Gold Coast, and there wasn’t the market for it.”
Other high-rise developments in Sydney include the $400m conversion of the Sir Stamford at Circular Quay into apartments.
A nearby development by AMP Capital and Mirvac Group, 71 Macquarie Street, is already taking registrations for apartments.
Even the city’s best office towers are being targeted. Dexus and Perron Group have fielded interest from developers wanting to convert the landmark 201 Elizabeth Street.
However, interest in GDI Property Group’s 233 Castle*reagh Street from a Chinese investment group is thought to have cooled.
Singapore’s GIC Real Estate is also cashing in with plans to sell 175 Liverpool Street, considered one of the city’s best residential conversion plays.
http://www.theaustralian.com.au/bus...ema-development/story-fnko7zi0-1226918043501#
KYLAR LOUSSIKIAN THE AUSTRALIAN MAY 15, 2014 12:00AM
THE private Coombes Property Group is poised to develop its George Street cinema site, joining a slew of high-rise residential developments in central Sydney.
The company is in talks with City of Sydney planners with a view to launching one of the city’s tallest towers, with reports that the proposal could rival the nearby 66-storey Greenland Centre.
Coombes bought the George Street cinema site from the listed Challenger Financial Services Group in 2009 for $85 million and the area has since surged as apartment developers target the southern end of the central business district. Industry sources speculated that the proposed building could be up to 235m tall, with 600 apartments, putting it in the same ballpark as the Greenland Centre on nearby Bathurst Street.
China’s state-owned Greenland tower on the old Sydney Water Board building will be 235m high with 470 apartments when complete in 2017.
Greenland has had two releases, selling out the 370 apartments offered to date, and will soon release the top units for sale.
More than 5000 apartments are proposed in Sydney’s CBD, according to Deep End Services principal Kevin Stanley, although only 500 are under construction. “What we’re finding about this cycle is that there is a lot more proposed than are being built, and it remains to be seen if they will be built,” he said.
Mr Stanley said the bulk of the proposed apartments were in the middle to upper price range of the market. “That’s pretty safe territory, but it’s important that developers’ price expectations don’t rise too high. That was the issue that cropped up in the Gold Coast, and there wasn’t the market for it.”
Other high-rise developments in Sydney include the $400m conversion of the Sir Stamford at Circular Quay into apartments.
A nearby development by AMP Capital and Mirvac Group, 71 Macquarie Street, is already taking registrations for apartments.
Even the city’s best office towers are being targeted. Dexus and Perron Group have fielded interest from developers wanting to convert the landmark 201 Elizabeth Street.
However, interest in GDI Property Group’s 233 Castle*reagh Street from a Chinese investment group is thought to have cooled.
Singapore’s GIC Real Estate is also cashing in with plans to sell 175 Liverpool Street, considered one of the city’s best residential conversion plays.
http://www.theaustralian.com.au/bus...ema-development/story-fnko7zi0-1226918043501#
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