Barana Group sees opportunity on Sydney's Kent Street
A fresh purpose is in store for a 1960's commercial building overlooking Sydney's Barangaroo precinct.
On the western periphery of Sydney's CBD, the Kent Street site was earmarked by Barana Group as suitable for redevelopment. The development outfit is attempting a second bite of the cherry with 189-197 Kent Street which the diversified property outfit acquired in December 2002.
After securing approval during 2014 to demolish the office block and deliver 146 apartments, Barana Group has once more taken the property to planning.
Just shy of $70 million, the newly submitted Stage 1 Development Application mirrors the initial application in that apartments are expected with an 80 metre tower. Francis-Jones Morehen Thorp were enlisted for Stage 1 design duties.
The new application effectively adheres to the earlier approved envelope, with the bulk of changes centred around meeting current Apartment Design Guideline expectations.
Although the current application doesn't seek approval for internal layouts or exterior finishes, the 80 metre envelope would allow for 144 apartments over 24 levels. The indicative apartment mix sees 5 studio, 52 single, 74 double and 13 triple bedroom apartments.
Dual street frontages frame the 1,195 square metre site that encompasses 4 basement levels. Dual retail tenancies totalling 217 square metres round out the design's main attributes.
Barana Group's existing property portfolio is weighted toward commercial properties, although 189-197 Kent Street is not the only of the developer's stable that is earmarked for conversion.
Having overseen the reworking of Novotel St Kilda into an approved residential scheme, the scheme's sales campaign saw ended abruptly. Melbourne developer GURNER subsequently joined Barana Group as a project partner for the site, with the intent of demolishing existing buildings for the $550 million apartment development.
The project's approved 236 apartments are expected to be cut to approximately 130 high-end dwellings.
