Opera House

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The four levels of shops and restaurants at the base of the luxury apartment project Opera Residences, overlooking Circular Quay, have been sold off the plan for more than $40 million to a private Sydney family.
The off-the-plan deal for 980 square metres of prime retail space at 71 Macquarie Street was struck on a sub-4 per cent yield. It was listed <a href="https://www.urban.com.au/expert-insights/investing/76657-opera-retail-at-circular-quay-listed-for-more-than-40-million" target="_blank">back in October.</a>
The retail space has already been pre-committed to high-end fashion brands, including a two chefs' hat-restaurant and an international restaurant chain.
There is an 19-level tower being developed by Chinese developer Macrolink in partnership with Kevin Li's Landream.
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Opera Residences set a new Australia apartment record last year when the penthouse sold for $27 million to Robert Salteri and his wife Kelly.  
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Demolition of the former 1960s Coca-Cola Amatil office building is almost complete with Opera Residences due for completion in 2020.
Opera Retail was marketed by Knight Frank, JLL and Belle Property Commercial.
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$40 million OTP retail sale at Opera Residences 

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An anticipated price point of more than $40 million is expected for the Opera Retail, the retail space underneath the luxury Opera Residences at Circular Quay.
It is being marketed as an unparalleled, once in a lifetime retail investment.
Spanning 980 sqm, the Opera Retail on the exclusive Sydney Harbour end of Macquarie Street will be anchored by premium tenants including high-end fashion brands and a two chefs' hat-restaurants.
The space is expected to attracted strong on and offshore investment.
Knight Frank's Andy Hu, JLL's James Aroney and Belle Property Commercial's Andrew Vines are marketing the commercial space.
“This is unique opportunity to buy into a dynamic site with unique attributes as Sydney’s world-famous cultural, tourism, leisure, commerce and transport hub," Hu said.
“The precinct plays many roles as a centre for business, tourism and transport, and also forms a significant part of Australia’s cultural identity.
The space will also be surrounded by a number of new developments coming to Circular Quay
“The multi-billion dollar projects at AMP Capitals’s Quay Quarter, Lendlease’s Circular Quay Tower, and Wanda Groups’ hotel and apartment development will add significantly to creating a vibrant mixed-use precinct in Circular Quay," James Aroney said.
The prime retail investment will sit beneath the luxury Opera Residences, which late last year year saw two apartments sell within days of each other, both breaking the Australian apartment price record.
First one of the penthouse apartments <a href="https://www.urban.com.au/news/62030-26-million-circular-quay-penthouse-sale-in-57-million-swoop" target="_blank">fetched $26 million</a>, then a <a href="https://www.urban.com.au/news/62192-now-a-27-million-off-the-plan-penthouse-sale-on-macquarie-street" target="_blank">few days later</a> the Salteri family paid $27 millon for another of the four bedroom apartments fronting the Harbour Bridge.
Price per square metre records also soared in the 104 apartment development, fetching over $96,000 per sqm.
 
 
 
 
 
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Opera Retail at Circular Quay listed for more than $40 million

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Renovations to the Sydney Opera House by the NSW Government will feature a new function centre and other upgrades as part of the state government's $202 million Renewal project.
Proposed upgrades include the Function Centre, relocation of the existing Ballet Rehearsal Room, removal of the marquee on the Northern Boardwalk, and installation of removable bollards and umbrellas on the Northern Boardwalk.
Ben Lusher, Director, Key Sites Assessments, said the upgrades will not adversely impact the heritage fabric of the Sydney Opera House.
“The Department has considered the issues raised through community consultation as well as comments provided by NSW Heritage. Ensuring the heritage of one of Australia’s most iconic buildings is a key priority, so we have recommended a heritage consultant be engaged throughout the construction stages of the development,” he said.
“The heritage consultant would oversee the works to the interior walls and ensure significant fabric of the building is preserved, restored or removed appropriately.
“The Sydney Opera House upgrades will also see The Australian Ballet’s existing secondary rehearsal room relocated with improved facilities, and a new production kitchen to support the Function Centre, installed in its place.
“The upgrades will help make one of Australia’s most iconic landmarks a more functional space and allow even more people to enjoy the facilities of the Sydney Opera House.” 
Development works are valued at $16.7 million.
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Green light for Sydney Opera House renovations

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Laing O’Rourke Australia has won a competitive tender for Early Contractor Involvement (ECI) in the Sydney Opera House’s Stage 1 Building Renewal program, which comprises $250 million of projects to be carried out over the next five years.
The program is the largest package of works since the Opera House opened in 1973. It includes upgrades to the Opera House‘s two largest internal performance spaces, the Concert Hall and Joan Sutherland Theatre, as well as upgrades to the entry and foyers and new creative learning and function centres.
Under the ECI contract, Laing O’Rourke will work with the Opera House and its design teams to ensure the program is as efficient as possible and provides the best value for money. 
Sydney Opera House chief executive officer Louise Herron said the first project to reach construction will be the upgrade of the Joan Sutherland Theatre.
This theatre will be closed from May to December 2017 to replace its end of life equipment.
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Laing O'Rourke secures Opera House works contract

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The NSW Deputy Premier and Minister for the Arts, Troy Grant has unveiled working designs for the largest program of upgrades to the Opera House since it opened in 1973.
Some 8.2 million visit each year, but the precinct will need to be closed for around 18 months as the NSW Government has committed $202 million from the renewal plans.
They will:
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<li>Upgrade the acoustics, accessibility, efficiency and flexibility of the Opera House’s largest internal performance space, the Concert Hall, which hosts world-leading classical and contemporary musicians, speakers and other performers;</li>
<li>Transform office space into a new Creative Learning Centre, a dedicated place for children, families and young people;</li>
<li>Remove the existing intrusive marquee from the Northern Broadwalk, and build a premium Function Centre within the building envelope, with spectacular views of the harbour; and</li>
<li>Create a welcoming, car-free entrance under the Monumental Steps, and improve access to a more comfortable and inviting main foyer.</li>
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Australia’s premier tourist destination and performing arts centre, the Opera House contributes $775 million annually to the NSW economy and has a national-identity value of $4.6 billion, according to Deloitte Access Economics.
Jan Utzon, architect and member of the Opera House’s Eminent Architects Panel (EAP), said his father believed the building would need to change over time to meet the requirements of the day, while retaining the integrity of its architecture.
“When my father was re-engaged to look into the Opera House, he realised it was necessary to look at the Opera House with new eyes,” said Mr Utzon, who worked with his father after Jørn’s re-engagement in 1999. “He realised times had changed and that a functioning arts centre will always need to adapt to the culture of the moment.”
The largest of the four NSW Government-funded projects, the Concert Hall upgrade is expected to take 18 months to complete. Construction will begin in mid-2019 and the hall will reopen with the SSO’s 2021 season.   
For more information see: <a href="https://sydneyoperahouse.cmail19.com/t/r-l-wtltrut-hjiyfudly-i/">sydneyoperahouse.com/renewal</a>
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