$2 billion retail complex for Sydney's Darling Harbour

Property and Retail Development Group, GPT, has acquired a significant stake in the $2 billion Darling Park and Cockle Bay retail complex at Darling Harbour.

GPT will tap investors for $850 million to fund the deal. It encompasses Darling Park Tower 1, leased by the Commonwealth Bank, and Tower 2 which is the home of IAG.

GALLERY  

They will also hold a majority stake in the proposed $1 billion 40-storey office building at the front of the aforementioned Darling Park Towers.

This development and revamp of Darling Harbour will be the last piece of the puzzle for the western and southern areas of Sydney City. There is currently a development of the W Hotel and Mirvac’s plan for the Harbourside shopping centre both nearby.

While it is still in design phase, GPT’s plans for Cockle Bay will encompass public space including a natural amphitheatre to host major events such as Vivid and New Year’s Eve Celebrations. The space will have a park at the northern end, called Cockle Bay Park.

GPT’s chief executive, Bob Johnston, said the public space will cover the area of the Western Distributor that currently separates Darling Harbour from the rest of the city, turning dead space above the freeway into a new green space for the public. An international design competition is expected to be launched later this year for the $2 billion development.

Johnston says the acquisition reflects GPT’s confidence in the office market of Sydney. He says, “We are confident of further rental growth in Sydney and Melbourne office markets and the deal also gives us exposure to development opportunities with our interest in the planned fourth office tower.”

For more information visit GPT and The Sydney Morning Herald

Photos courtesy of Images courtesy of GPT/ARM ARCHITECTURE via The Sydney Morning Herald






Get our enews

Design and development news that comes to you






                 
Czech Republic’s tallest tower takes inspiration from a shipwreck

Taking one of the more left-field inspirations for a skyscraper, a sculptor David Cerny and architect Tomáš Císař of ...

Renzo Piano’s third Barangaroo residential tower approved

After setbacks and negotiations with the City of Sydney, Renzo Piano’s third Barangaroo tower has been given approval. The ...

BIG reveals four luxury penthouses in Canadian ‘King’ complex

Bjarke Ingels Group, headed by ‘starchitect’ Bjarke Ingels have revealed plans for four luxury penthouses in Toronto channelling ...

Metricon Homes named as the largest homebuilder in Australia

Metricon Homes has been named as the largest homebuilder in Australia in a year where the total number ...

World’s tallest residential tower now completed struggles with sales

In New York the world’s tallest apartment tower, Central Park Tower, has celebrated its ‘topping off’ ceremony and ...

  MORE  

Stay connected to the SPEC

Join our reader network by signing up to our weekly newsletter and receive design and development news straight to your inbox










© 2018 Universal Media Co. All Rights Reserved. Privacy Policy. Terms of Service. The material on this site may not be reproduced, distributed, transmitted, or otherwise used, except with the prior written permission of Universal Media Co.