Pyrmont waterfront to be transformed into luxury apartments

Pyrmont ApartmentsSeveral prime sites on the waterfront at Pyrmont on Darling Island Road have been sold for approximately $180 million. The vendor was a partnership between Seven West Media and Greg Shand’s property arm, the Barana Group. The Barana Group, with a portfolio size of $450 million invests, develops and manages commercial, retail and residential property.

The buyer, Aqualand Australia, a privately owned Chinese backed company based in Shanghai, specialises in all areas of property development including acquisitions, planning, designing, marketing and construction of projects. The sale was arranged by Justin Brown, Peter Krieg and Matt Ramsay of CBRE.

According to the Pyrmont/Ultimo Cityscope, the sites include the Revy Buildings at 42 Pirrama Rd, two buildings of 5 and 6-storeys on a site area of 4,480 sqm, a two level gatehouse, a car park and a development site of 2,264 sqm at 8 Darling Island Road, with its vacant 8-storey heritage building having approval for conversion to 46 high end apartments. The Seven Network occupies the Revy Buildings, using the other sites as a car park. Their lease runs to 2029 though the car park site does have development approval for 32 units.

The properties last traded at $29 million in May 2003. The current price of $180 million reflects the sites’ water views, the proximity to the CBD and the current confidence in and growth of the luxury apartment market.

Meredith Baume
Commercial Research

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CoreLogic RP Data Commercial Cityscope is a web-based service. Access is sold by geographic regions (Cityscope areas). There are 25 geographic regions across Australia (three in New Zealand), clustered around the cities of Sydney, Melbourne, Brisbane, Adelaide, Perth, Canberra and Newcastle. Darwin and Hobart CBD centres aren’t covered. Cityscope Areas in NSW and QLD also include lease expiry data for the most complete commercial coverage available. For more information call 1300 734 318.

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