Landream Poised to Realise $900m Pyrmont Vision

Two hours was all it took to sell 104 homes and smash the record for the most expensive apartment in Sydney. The apartment in question was the penthouse of the Opera Residences, which in 2016 sold for $26 million, or $96,000 a square metre. So it was little wonder when a prime 12,381sq m site next to a future Sydney landmark came to market, Landream jumped at the chance. Now, after years of negotiations, it is finally time for Landream to lead the charge in transforming Sydney’s Western Harbour and Blackwattle Bay precinct. ▲ Positioned at the gateway to Blackwattle Bay, Pyrmont Place is the first significant private development in the new precinct. The developer’s biggest development to date, the $900-million Pyrmont Place project comprises 237 apartments across four buildings, a childcare centre and two basketball courts. Landream property development director Chris Pratt says they are glad to finally be demolishing the old structures at Pyrmont. “It’s been on the cards for the past six years,” Pratt says. “Originally we expected to be a little further ahead, definitely. I think the planning process always takes longer than we hope it does. “So that’s been complicated.” The City of Sydney sold the former stone quarry and depot at 12A and 14-26 Wattle Street, Ultimo, to Landream in 2018 and a concept application was filed—and refused—for the site the following year. ▲ A rendering of the future Blackwattle Bay precinct, Sydney Fish Market and Pyrmont Place. After lengthy negotiations the developer and council came to an agreement on the design, which cut one storey and increased setbacks. Deferred commencement consent was finally granted in May of 2021—in the midst of the pandemic. BVN won the design competition held in June, 2022 and the plans were finally approved in March of the following year. Those plans have undergone multiple modifications. Pratt says they were working in a time where there were a lot of challenges in the development space. He says that had not changed. ▲ In the late 1800s the Wattle Street site was used as a quarry. Stone from the quarry was used in Sydney’s General Post Office. Pratt cited Covid, the escalation of construction costs and skills shortages among the many challenges, as well as procuring finance and builders. “It has been a journey but we feel at this point we’ve got our key planning in place,” he says. “We are in that space now where we’ve started the demolition and are looking to complete the design and move into early works.” The Pyrmont Place site is at the gateway to the 3.6ha Blackwattle Bay precinct, which will be developed by either Lendlease, Mirvac or Stockland, who were revealed as the shortlist for the project . Those property giants are working on their proposals for the precinct that include 1100 homes, a 1.1ha park and a foreshore promenade that will fill in the missing link of a 15km continuous Harbourside walk between Woolloomooloo and Rozelle Bay. ▲ A rendering of an apartment in the Pyrmont Place development. Meanwhile, the finishing touches are being made to the $836-million Sydney Fish Market, which is expected to attract up to 6 million visitors a year. The entire area will be serviced by the Wentworth Park Light Rail and a foreshadowed Pyrmont Metro Station, as well as ferry services. The Landream plans include through-site links to connect Jones and Wattle streets as well as the light rail station. There will also be an outdoor pool, gym, music room, communal landscaped terraces and open spaces under landscaping plans by Oculus. Pratt says the new Sydney Metro station was a major motivation in securing the site and pushing ahead with the project. “We see that as a really important element of growth in this area,” Pratt says. “We have a real benefit of being able to capitalise on that. “As we’ve seen, even with the North West Metro line and the more recent Chatswood to Sydenham extension, it has been a bit of a gamechanger for Sydney.” ▲ The development comprises two studio, 50 one-bedroom, 101 two-bedroom, 80 three-bedroom and four four-bedroom apartments. The next step will be setting the pricing precedent for the area. CBRE residential projects Tim Rees says it will be a compelling investment in the city’s future. “Pyrmont Place represents a unique market opportunity that combines premium waterfront living with genuine lifestyle amenity on the cusp of the CBD,” Rees says. “We are expecting strong interest from local owner-occupiers who recognise the value of securing a residence in this transformative precinct.” Landream is finalising the contract with a yet-to-be-named builder. Construction is due to start in mid-2025 and complete in 2028.

Landream Poised to Realise $900m Pyrmont Vision

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