Chinese-backed developer Greenland Australia and builder Probuild have topped out the $400 million Greenland Centre apartment tower in the Sydney CBD.
The 67-storey development, now recognised as Sydney’s tallest residential tower, is located at 115 Bathurst Street and designed by architecture firms BVN and Woods Bagot.
The tower is a vertical extension of an existing 26-storey, 1960s commercial building on the site, spanning a further 40 storeys above the existing structure.
Once realised it will deliver 479 luxury apartments including penthouses and a "Sydney Balconies" feature—glass-fronted balconies that provide protection from wind and noise.
The building includes a 2,000sq m five-floor creative hub with space for dance, theatre and visual arts over five floors. It will be managed by the City of Sydney under a 99-year lease.
Greenland acquired the former Sydney Water Board site from Brookfield Asset Management in 2013 for $113 million, submitting plans for the ambitious tower and tapping Multiplex to build it.
The Chinese developer parted ways with Multiplex in 2016 over commercial differences, instead enlisting Probuild to commence demolition at the site in 2017.
Apartments across the tower will vary in size from 39 to 265sq m and including the 674sq m, two floor, David Selden-designed “king” penthouse—which remains on the market with a price tag of $35 million.
Super-prime penthouse sales in Sydney have hit the headlines over the past few years, as ultra-glamorous “sky homes” have emerged as luxurious and highly convenient alternatives to freestanding houses in the suburbs.
Late last year, a private Australian purchaser parted with $140 million for the top three floors of one of Lendlease’s towers at its One Sydney Harbour development in Barangaroo.
The two storey penthouse at the 72-storey Tower One, which shattered the $100,000 per square metre threshold, includes nine-bedrooms, with more than 1,600 square metres of living space with eight-metre-high ceilings.
In relation to the adjoining five-star Primus Hotel which was also developed by Greenland Australia as part of the same complex, Greenland Australia said it had decided to offer the hotel for sale.
JLL hotel and hospitality group’s Mark Durran has been appointed to advise on the transaction.
“The Primus Hotel is the first major five-star Sydney hotel to be offered in many years, and given the scarcity of such opportunities will be highly sought after by an array of domestic and offshore investors,” Durran said.
Greenland’s soon-to-be-completed Greenland Centre represents the sixth project topped out by the developer since the company’s launch in 2013.
The tower will match the height of western Europe’s tallest residential tower, the 67-storey Greenland Group’s Spire London project.
The international developer has 23 ultra-high-rise projects and three of the world’s largest skyscrapers—Greenland Centre Xi’an, Wuhan and Chengdu—and oversees a portfolio of US$99 billion in assets.
Greenland successfully completed its 19-level Omnia development on the former Crest Hotel site in late-2018, as well as its Leichhardt Green project on the former Kolotex site.
It also topped out the first stage of its seven stage Park Sydney project earlier this year—set to feature nine development blocks ranging in height from two to eight storeys and will ultimately be home to approximately 1,400 premium apartments.