Chinese-backed developer Aqualand Australia is selling a prime waterfront site which adjoins Channel Seven properties in Sydney’s Pyrmont.
The sites at 6 Darling Road and 34-38 Pirrama Road were purchased by Aqualand for $180 million from the Citta Property Group in 2015.
The properties are situated next to Aqualand’s luxury REVY apartment development at 8 Darling Island Road, which will house some of the city’s most luxurious apartments. REVY is designed by the architect Koichi Takada. 8 Darling Road is not included in the sale.
The two Seven sites – Seven's headquarters and the carpark at 6 Darling Island Road – have long-term development potential.
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6 Darling Road has development approval for 32 luxury residential apartments and basement parking for 102 cars.
No. 34-38 Pirrama Road consists of two waterfront lots. The first lot contains two heritage buildings with the second lot containing a smaller gatehouse building. The property and its three buildings are currently tenanted under a lease to Channel Seven that expires later this year. It is believed that Seven will be vacating the properties.
The landmark buildings were originally constructed to warehouse general goods for the Australian Navy and the Postmaster General's Departments, with No. 8 REVY representing one of the few surviving narrow vertical warehouse designs in Sydney.
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CBRE are handling the sale for Aqualand in an expressions of interest campaign.
Aqualand were recently named as part of the consortium of developers for the $2 billion final stage of Barangaroo, the 5.2-hectare Barangaroo Central. Aqualand will be developing the residential component.
The developer is also expected to soon close the sale on its North Sydney office tower at 54 Miller Street for a price above $60 million.