The City of Sydney Council has acquired a commercial building on Pitt Street for $43 million which will reportedly lead the way for a the development of a new civic boulevard opposite the heritage-listed Town Hall building, according to The Australian Financial Review.
303 Pitt Street at Pittsway Arcade is one of several properties on the block bounded by Pitt, Park and George streets the council has acquired to later knock down and make way for the planned Town Hall Square, according to the report.
The AFR reported the City of Sydney wants the square to rival other global cities and it is understood the transaction has been under negotiation for a number of years.
According to reports the plan is for it to complement the new Sydney light rail that will run down a pedestrianised George Street.
The new square would sit opposite the Sydney Town Hall on the corner of George and Park streets where Woolworths is currently located and next to the yet-to-be-built metro station on Pitt Street.
The building is described as being situated between Park Street & Bathurst Street near Galleries Victoria, Town Hall and Queen Victoria Building with basement level food court, ground level retail adjoining Woolworths.
A well-established food court in the basement that serves a variety of foods which is said to "enhance the walk past traffic not only from Woolworths but to ensure the likely services provider (tenants) has ample opportunity to succeed".
Images: Knight Frank
