Pyrmont

Prominent Sydney and Melbourne proprety developer Landream are well and truly ready to take advantage of the $750 million of the Sydney Fish Markets at Blackwattle Bay.

They're pushing on with their $330 million Wattle Street project, across the road from Wentworth Park and a stone's throw away from the popular Fish Markets, which following the redevelopment which will create a major food and dining precinct for the area.

Landream secured the 12,381 sqm site at 14-26 Wattle Street in 2021 from the Sydney City Council, pending approval of a Stage 1 Concept DA, which was approved in May 2021.

<img alt="Landream Pyrmont" data-entity-type="file" data-entity-uuid="bfd00297-19d8-4040-91bd-ed15efcc34b9" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-02-28%20at%202.24.13%20pm.png?VersionId=..UJ3giwAYTVZfhUtYRSxhsz.HobgN_C" />

The Sydney City Council acquired the site in 1906 as a road works depot. Facilities to support the depot were constructed on site between 1912- 1921. They're the only buildings that stand on the large site which straddles Wattle, Fig and Jones Streets.&nbsp;The site was previously used as a sandstone quarry, formally known as Hell Hole Quarry.

Prior to the submission of the recent development application, the Sydney-based architecture&nbsp;firm BVN won the project's&nbsp;Architectural Design Competition, beating design submissions from&nbsp;likes of&nbsp;Carter Williamson, Tzannes, SJB and Bates Smart in the Architectural Design Competition.

The jury said BVN's scheme was "considered, engaging, pragmatic and rooted in concept, materiality, and place making."

<img alt="Landream Pyrmont" data-entity-type="file" data-entity-uuid="1bd3f65b-4941-4c38-8778-6ac9c33349e7" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-02-28%20at%202.26.45%20pm.png?VersionId=wn8DWQNpu20tSZ9IezS81YU0JeeKG7yS" />

"The design is underpinned by the current and future site context and character, seeking to contribute to and unlock the natural advantages of the environment and the approved concept scheme," the jury continued.

"The jury appreciated the design development of the approved concept scheme, benefiting the public realm and enhancing the residential amenity. The modified massing allows the development to be read as a ‘family of buildings’, rather than as a single complex.

"Each building is unique in design approach and they work together to establish a cohesive and comfortable environment within the site."

The jury also noted the clever design of the ‘Garaban’, the central residential building, one of five buildings proposed, which will deliver high amenity residential living.

"It is appreciated that this structure presents 100 per cent north facing apartments and 100 per cent cross ventilated apartments to deliver positive sustainability goals."

<img alt="Wattle" data-entity-type="file" data-entity-uuid="381da9ce-aad8-4cab-9d5b-661eef5403f5" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-02-28%20at%202.26.07%20pm.png?VersionId=TxNl0LJ_zHURbO9rf_RHRkMqphrGIGZs" />

Four of the five buildings will home 237 apartments. There will be 50 one-bed units (21 per cent), 101 two-beds (42 per cent), and 82 three-bedroom apartments (35 per cent), as well as a handful of studios and large four-bed apartments.

The fifth building will solely home commercial and office space, while one of the residential buildings will also feature a recreation centre with two multi-purpose indoor courts, and a childcare centre.

BVN's Design Statement, part of the extensive submission to the City of Sydney Council, said&nbsp;14-26 Wattle Street is located in the Innovation Corridor of the Sydney Harbour CBD, a unique precinct in the city that is undergoing rapid transformation.

"Previously an underutilised area of the city, it is developing into a prime mixed-use precinct to help strengthen the Harbour.

"Capitalising on its easy access to Pyrmont, Blackwattle Bay, the Fishmarket, Darling Harbour and the central CBD Precinct, it is set to become a sought-after destination with a strong focus in connecting Pyrmont to the Sydney CBD.&nbsp;The work/live industrial history of Pyrmont and Ultimo is still evident in the urban fabric."

<img alt="Landream Pyrmont" data-entity-type="file" data-entity-uuid="4bbd7983-3fd0-4cd7-b519-a7013785916d" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-02-28%20at%202.27.00%20pm.png?VersionId=jQ3TKnthbLutaPKPAMk67M2UoLe1NgEd" />

The report, signed off by BVN Principal Phillip Rossington, noted a number of sustainability initiatives in the project.

There will be rainwater storage, landscaping on the open rooftop with climate and location suitable plant selection, natural light and ventilation to the majority of apartments, as well as efficient services throughout the building like extensive bicycle parking, energy efficient light, and composting facilities.&nbsp;

BVN said the key to the proposed development was understanding the extremely different contexts on the three addresses (Jones, Fig and Wattle), and providing appropriate responses to each.

"This approach allows the development to be read as a family of buildings rather than one large complex," BVN said.

<img alt="Landream Pyrmont" data-entity-type="file" data-entity-uuid="983a790d-d847-4760-9ec5-9027b8d69599" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202023-02-28%20at%202.25.48%20pm.png?VersionId=7moQOTibeYcHQFTN0CiaduJtMt4x04Pv" />

"The Jones building is set back and articulated to complement the existing Jones Street Terraces. The Wattle Street aesthetic draws on neighbouring buildings’ arches and strong lines. The Courtyard building is a smaller more boutique building with a focus on it’s true north facing aspect and enhanced sustainability features, and the Fig Street commercial building reflects the rhythm of the Winchcombe Carson building."

The Winchcombe Carson building, bordering the site on Fig and Wattle Street, is a landmark building and former woolstore, which opened in 1894.

<h2>Fig &amp; Wattle Fast Facts</h2>

<ul>
	<li>Address: 14-26 Wattle Street</li>
	<li>Site size: 12,381 sqm</li>
	<li>Adaptable apartments - 36 units</li>
	<li>Liveable Housing Units - 48 units</li>
	<li>Internal Communal Residential Space - 228 sqm</li>
	<li>External Private Communal Open Space - 2,795 sqm</li>
	<li>External Public Accessible Open Space - 2,457 sqm</li>
	<li>Apartments - 237</li>
	<li>Studio&nbsp;- 2 (1%)</li>
	<li>1 bed - 50 (21%)</li>
	<li>2 bed - 101 (42%)</li>
	<li>3 bed - 82 (35%)</li>
	<li>4 bed - 2 (1%)</li>
	<li>Residential GFA - 27,434 sqm</li>
	<li>Commercial GFA&nbsp;- 16,215 sqm</li>
	<li>Retail GFA&nbsp;- 428 sqm</li>
	<li>Childcare Centre GFA - 1810 sqm</li>
	<li>Recreation Centre GFA - 2684 sqm</li>
</ul>

Landream secured the 12,381 sqm site at 14-26 Wattle Street in 2021 from the Sydney City Council, pending approval of a Stage 1 Concept DA, which was approved in May 2021

Joel Robinson

First look exclusive: Landream's $330 million mixed-use Pyrmont plans revealed

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SPONSORED POST
Renamed U60 and redeveloped to be a next-generation office building, 60 Union Street in Pyrmont is set to change the face of Sydney’s growing city-fringe office precinct. 
Located in the widely recognised Pyrmont Bay office precinct, U60 has recently undergone a $30 million refurbishment to enhance and reposition its seven-storey office tower and two-storey terrace, which are now connected by a three-storey glazed atrium.
Originally designed by Rice Daubney and marketed as an “extraordinary” office destination, the new architectural repositioning by Custance Architects incorporates natural materials, abundant greenery and upper-floor water vistas across to the city and Barangaroo.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/23/Sav2.jpg" alt="">
Savills Australia has been appointed to lease the vacant areas of U60 on behalf of AFIAA Australia, with <a href="http://www.savills.com.au/services-and-sectors/leasing/office-leasing.aspx">Office Leasing</a> agents Rob Dickins and Liz Braithwaite seeking tenants to fill about 5,500sq m of refurbished space. 
“U60 is an office building bursting with vibrancy and liveliness, ready to take the business lifestyle to the next level,” Ms Braithwaite said.
“With people spending so much time in the office, landlords have recognised that they have to create a premium workplace for their tenants in order to attract and retain them.”
Mr Dickins said the upgrades to U60 were designed to provide tenants with an “identifiable workplace sanctuary,” with all services available from the one building, including cafes, a retail arcade, courtyard, undercover car park and first-class end-of-trip facilities. A rooftop terrace is under consideration.
“The renovation has cleverly created a journey for tenants, beginning with the striking new exterior façade, leading into the glass atrium that illuminates the spacious lobby, and extending into bright break-out areas and an energetic café,” he said.
<img src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,q_auto:good/https://s3-ap-southeast-2.amazonaws.com/po.images/2018/10/23/Sav3.jpg" alt="">
“This prominent A Grade office building has outdoor balconies on all floors, upgraded lobbies and bathrooms on all floors and excellent natural light, courtesy of floor-to-ceiling windows.”
Savills Australia has completed the most recent commitment in U60 to Parkview Construction, which was represented by Rowan Humphries from Colliers International.
The company has secured level seven of the office tower from February 1, 2019. Six other tenancies remain vacant across the office tower and terrace building, with rental rates targeting late $700’s net. 
The commercial accommodation is complemented by 2,800sq m of retail space, including a Coles supermarket, Liquorland and numerous other food, beverage and specialty retailers.  
Savills is a leading global real estate service provider offering the full spectrum of services from strategic advice to managing assets and projects and transacting deals. Rob Dickins is State Director - NSW and Liz Braithwaite is Executive in Savills Office Leasing. To learn more about Savills, visit <a href="http://www.savills.com.au/" target="_blank">savills.com.au</a>.
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jrobinson-rf4aSBido9

U60 set to transform Pyrmont’s corporate lifestyle: Savills

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A new 20-year vision for Pyrmont will shape the waterfront peninsula as an innovative, connected and creative around-the-clock destination, providing much-needed jobs, investment and economic growth, part of the NSW Government’s COVID Recovery Plan.
Up to 23,000 new jobs and 800,000 sqm of new commercial and office space are forecast in a new draft plan released on July 31, 2020, supported by better transport connectivity to grow a mix of hi-tech, tourism, media and information industries.
Launching the plan, Treasurer Dominic Perrottet and Minister for Planning and Public Spaces Rob Stokes said the NSW Government’s draft Pyrmont Peninsula Place Strategy and Economic Development Strategy would help map the area’s future.
The strategy considers big moves for transformation such as a potential metro station at Pyrmont as part of the Sydney Metro West project, a new indoor sports and entertainment venue like our own Madison Square Garden, more and better public spaces (including the return of Wentworth Park as local parkland) and the revitalisation of key sites to attract commercial investment.
Mr Stokes added that Pyrmont has always been an extension of the CBD as a bustling hub for a variety of industries, and the draft strategy outlines the latest incarnation in the peninsula’s renewal.
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Mr Stokes said the revitalisation will focus on key sites for renewal, including the existing Sydney Fish Market site at Blackwattle Bay, The Star site at Darling Island, development of Harbourside Shopping Centre, and the UTS Haymarket campus.
“These sites have been identified for revitalisation over the next 20 years and we are keen to ensure that parks, public spaces and the unique character of Pyrmont is protected,” he said.
The Pyrmont Peninsula Place Strategy and Economic Development Strategy are on public exhibition for community feedback until September 13, 2020.
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Pyrmont's 20-year vision released for NSW Government's COVID Recovery Plan

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EXPERT OBSERVER 
Urban Taskforce has welcomed the announcement by the NSW Minister for Planning, Hon Rob Stokes, of plans to progress the renewal and redevelopment of the Pyrmont Peninsula.
This is a welcome move forward after a poison combination of politics and bureaucratic in-fighting stymied development of this critical location last year with the IPC determining that the Star Casio / Ritz Carlton Hotel development was not supported by Strategic plans for the precinct late last year.
It is fantastic to see that the NSW Government has acknowledged the critical role that Pyrmont plays in the future of Sydney as a global city.
The release of ‘Directions for the Pyrmont Peninsula Place Strategy’ by the Department of Planning, Industry and Environment is a good start as it promotes the renewal and redevelopment of Pyrmont and its surrounds. 
The new “strategy” establishes the strategic framework for high rise development in Pyrmont and the logical extension of the CBD along the Pyrmont peninsular.
This change has come about following a comprehensive review of the Independent Planning Commission, the public intervention by the Treasurer and a review of the precinct by the GSC. 
The Department of Planning’s submission on the Star proposal as sent to the Independent Planning Commission last year was anti-jobs and anti-growth. This is exactly the opposite to what is needed given the recession we now face.
Urban Taskforce is pleased to see that the Minister for Planning has taken hold of this matter and established a plan for the development of this important precinct.
A change of mind-set is needed across the planning system.
All those involved in the planning system need to stop and re-set. We must continue to deliver improved amenity for residents, improved environmental outcomes and improved architectural built form. But the interests of local NIMBY groups must now to be considered against the greater need for economic growth, increased housing supply, jobs and employment. 
Now is the time to shift the focus away from Strategic Planning and for Minister Stokes to use the powers he has a the Minister for Planning to drive through a COVID Recovery State Environmental Planning Policy (SEPP) which suspends the need to conform with Local Strategic Plans and facilitates approvals as a matter of priority. Jobs and investment are what is needed. This is in the hands of the NSW Government.
The GSC, having completed its Strategic Planning mandate, should now focus all its efforts on supporting the Department in calling in projects and fast-tracking them for approvals.
With all the legislative powers at his hands, Minister can make a new SEPP any time (based on a location, a precinct, power to suspend the need for concurrences or the need for lengthy exhibition processes. Minister, this is the time to use those powers. 
While most Councils are flat-out setting up working from home arrangements and managing public health, rubbish collection and general order, this is the time for the NSW Government to step in and drive our economy forward so we are ready to go as soon as the current health crisis abates.
Tom Forrest is the CEO of Urban Taskforce. 
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Urban Taskforce welcomes release of Pyrmont plan: Tom Forrest 

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The quarterly update of Pyrmont-Ultimo Cityscope shows a large decrease in sales value even though sales activity has increased.
The most recent quarter had a total of 41 sales at a value of $29.6 million, compared to 37 sales at a total value of $201.5 million for the quarter ending January 2016. The 12 month total sales figure stands at $540.3 million for the year ending April 2016, with 165 sales recorded over that period.
This is in comparison to the previous 12 months when the year ending April 2015 had 162 sales totalling $681.8 million.
Notable sales in the areas covered by Pyrmont-Ultimo Cityscope for the April 2016 update include:
<ul>
<li>Suite 127, 26-32 Pirrama Road, Pyrmont, a 601 sqm office suite comprising a 332 sqm office suite plus a 106 sqm courtyard on level 1 and a 269 sqm office suite on level 2, which was bought for $3.4 million through Hartigan Bolt and Fringe Commercial and</li>
<li>82 Harris Street, Pyrmont, a two storey sandstone building, built circa 1870, which was originally a bakery with a residence above and which was bought for $3 million through Richardson &amp; Wrench Pyrmont/Glebe.</li>
</ul>
<a href="/images/2016/04/29/Screen%20Shot%202016-04-30%20at%201.04.23%20AM.png" target="_blank">Click to enlarge</a>
<img src="/images/2016/04/29/Screen%20Shot%202016-04-30%20at%201.04.23%20AM.png" alt="">
Properties for sale in the latest update of Pyrmont-Ultimo Cityscope include:
<ul>
<li>The Terminus Hotel, 61 Harris Street, Pyrmont, a two storey brick heritage building with a rendered parapet, built in 1915 and on a site area of 489 sqm, available through JLL and Ray White Hotels and</li>
<li>315-317 Glebe Point Road, Glebe, a two storey brick building with three ground floor shops and residential on the upper floor, available through CMS Real Estate.</li>
</ul>
Leasing opportunities listed in the April 2016 update of Pyrmont-Ultimo Cityscope include:
<ul>
<li>The Cooperage, 56 Bowman Street, Pyrmont, a five level brick warehouse building originally constructed in 1901 and later converted for use as offices, which has 200 sqm to 2,500 sqm for lease through Deans Property and Ray White Commercial Inner West and</li>
<li>City West Office Park, 35 Saunders Street, Pyrmont, three office buildings grouped around a central landscaped courtyard which has 1,330 sqm for lease through CBRE and Knight Frank Sydney.</li>
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Pyrmont-Ultimo commercial sales fell in value in quarter to April: Cityscope

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Darryn Lyons, who rose to prominence in Australia and the United Kingdom as a paparazzo with pink Mohawk, has listed his longtime Sydney investment.
It is a <a href="https://www.realestate.com.au/property-terrace-nsw-pyrmont-123291238" target="_blank">four bedroom terrace</a> with private, sunlit courtyard on a contemporary Jacksons Landing, Pyrmont row.
Lyons, who has enjoyed $1650 weekly rentals, bought the three level property in 2001 for $866,000.
The home comes with a buyers guide of $2.1 million for its September 3 auction through Little Real Estate agents Mark Horn and Christie Mortimer. More than two dozen inspectees went through yesterday's open-house.
Lyons still owns another investment in the Harry Seidler designed Horizon in Darlinghurst.
The Geelong born photographer made his name in the early 1990s as a paparazzi in London especially after he founded the picture company, Big Pictures, which supplied paparazzi-style photographs for news organisations around the world.
Branding himself "Mr Paparazzi", there were regular appearances on television shows such as Celebrity Big Brother, Top Gear and the Dragons' Den.
On his return to Australia, Lyons took to local politics becoming mayor of Geelong in 2013 until earlier this year.
Lyons and fiancee, Elissa Friday took up residence in Geelong with his local paper once describing his home as a menagerie, a museum, a showcase and a wonder-world from the Trafalgar Square-like lions at the front gate.
He recently said his latest project was sorting out his “millions” of photos, developing some conceptual ideas for their reproduction.
This article was first published in the Weekend Australian Mansion Australia property section.
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Paparazzo Darryn Lyons lists Pyrmont Sydney investment

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The contemporary Jacksons Landing, Pyrmont investment terrace of Darryn "Mr Paparazzi" Lyons, has been snapped up pre-auction for $2,391,800.
His longtime Sydney investment was a four bedroom terrace rented out at $1650 a weekly rental.
<a href="https://www.realestate.com.au/property-terrace-nsw-pyrmont-123291238" target="_blank">The three level property</a> was bought in 2001 for $866,000.
The home came with a buyers' guide of $2.1 million through Little Real Estate agents Mark Horn and Christie Mortimer. 
The Geelong born photographer made his name in the early 1990s as a paparazzi in London.
This article was first published in the Sunday Telegraph.
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Darryn Lyons sells Jacksons Landing, Pyrmont terrace

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There are three competing schemes unveiled for a 215 metre high six-star hotel and apartment building in Pyrmont at the Star Casino.
It is set to rival James Packer's Crown casino and six-star hotel a short distance away at Barangaroo. Grimshaw Architects, BVN and FJMT have all won numerous awards for their innovative designs around the world. The Star Entertainment Group has engaged Hong Kong-based Chow Tai Fook and Far East Consortium to partner in the development, pending all necessary approvals for the project. The world-renowned The Ritz-Carlton is set to operate the hotel upon its completion.
The first Star Casino design from global architects Grimshaw, which commentators suggest merges skyscraper with silo:
<img class="b-lazy" src="https://media.ausbt.com.au/862,793-57fc1503deec4a44861c72e1dd799acd-ritz-carlton-sydney-grimshaw-1000.jpg" alt="">
There is an angular multi-faceted edifice from BVN.
<img class="b-lazy" src="https://media.ausbt.com.au/862,793-57fc15159f244ceb88fe72d0dd799acd-ritz-carlton-sydney-bvn-1000.jpg" alt="">
The most dramatic tower of the trio is FJMT's spiral twist, which some have already suggested looks like an askew stack of silver Star casino gaming chips (top picture above).
"The international calibre and local credentials of our architects will ensure that The Star can showcase its home-grown Sydney character in world-leading ways that befit our city’s global status," says Matt Bekier, CEO of The Star Entertainment Group.
“Our development concept will take The Star's room inventory to more than 1,000, bring The Ritz-Carlton brand back to Sydney, and add a further 20 food and beverage venues."
It opens up the potential for more towers on the peninsula, says the Urban Taskforce.
“The bold designs for the Star Casino’s proposed 215 m high tower should lead to more towers on the Pyrmont peninsula,” says Urban Taskforce CEO, Chris Johnson.
“The Sydney CBD peninsula is looking spectacular with its vertical combination of tall towers and as the city grows this should be balanced by something similar on the Pyrmont peninsula.”
“The new tall hotel at Darling Harbour has already set the precedent for a high-rise urban landscape for Pyrmont and the new Star Casino tower will complement this. We only need to fill in the space between the two towers and an exciting tower cluster could add a new dimension to Sydney.”
“With the White Bay development nearby it is clear that the energy for Sydney’s growth is now emerging on the peninsula to the west of the traditional city centre. It is important that new towers contain a mix of uses including retail, offices, apartments and hotels.”
“All three designs by Sydney architects Grimshaw, BVN and FJMT have great qualities and it will be difficult for the judges to select a winning design.”
The tower is anticipated to be completed within three years once a design has been selected and development approvals have been issued.
The final preferred scheme will be decided by a five-person Design Review Panel.
 Peter Poulet, NSW Government Architect &amp; Executive Director, Office of State Architect
 Lisa-Maree Carrigan, Director, Group GSA
 Craig Allchin, Adjunct Professor of Architecture, University of Technology Sydney (UTS) and Director Six Degrees Urban Pty Ltd
 James Doolan, Regional Vice-President Hotel Development – Asia Pacific, Marriott International
 Greg Hawkins, Managing Director, The Star Sydney
For more information <a href="https://development.star.com.au/" target="_blank">click here</a>.
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Stack of gambling chips as one of 60 storey Star Casino tower prospects at Pyrmont

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Listed property group Dexus has entered into an agreement to acquire the landmark heritage office building in Sydney’s Pyrmont for $327.5 million, the largest office transaction in the suburb’s history.
Dexus agreed a 100 percent freehold stake in <a href="https://www.realcommercial.com.au/property-offices-nsw-pyrmont-502222974" target="_blank">100 Harris Street</a> at a fully leased yield of 5.4 percent. Among its tenants are co-working platform WeWork and Fairfax’s Domain. 
Originally a wool store from the 1890s, the refurbished heritage property comprises 26,879 sqm of A-Grade office space over six levels. 
The property sits on a 7,791 sqm site with frontages on both Harris Street and Pyrmont Street.
The sale was negotiated on behalf of Citi 100 by JLL’s James Aroney along with Karbon Property’s Joshua Watts. The property is owned by Ukrainian born property developer Michael Teplitsky.
Included in the offering is 130 Harris Street, to the south of the existing building, with new office and retail space and car parking.
The development will provide retail space fronting Harris Street is expected to be completed by October. 
The agents said demand for 100 Harris Street reflects an international movement to refurbished unique assets, with creative locations such as South of Market in San Francisco attracting a higher rate per sqm and tighter yields than their counterparts in the CBD.
The movement is following the trend of the tech industry that value brick and timber large floor plate workspaces, they said.
<img src="https://www.urban.com.au/images/2017/06/21/HarrisSt2.png" alt="">
Karbon Property’s Joshua Watts said that Pyrmont is viewed as an extension of the CBD. 
100 Harris Street offered buyers an attractive weighted average lease expiry (WALE) of 7.6 years, he said.
“As a significant contributor to the Sydney fringe market, Pyrmont has been experiencing continuing strong rental growth, outperforming other office markets around the country,” Aroney said.
The Ukrainian-born property developer Michael Teplitsky listed its with expectations it could fetch $330 million.
<img src="https://www.afr.com/content/dam/images/g/v/x/a/i/4/image.imgtype.afrArticleInline.620x0.png/1493701254988.jpg" alt="100 Harris Street - AFR USE ONLY! NO OTHER USE ALLOWED." width="620" height="404" data-src="/content/dam/images/g/v/x/a/i/4/image.imgtype.afrArticleInline.620x0.png/1493701254988.jpg">
Pyrmont is the technology hub of Sydney mirroring many international technology hubs including San Francisco’s South of Market, New York’s Meatpacking District and London’s Shoreditch where WeWork also has a presence.
<img src="https://www.afr.com/content/dam/images/g/v/x/a/i/7/image.imgtype.afrArticleInline.620x0.png/1493701161551.jpg" alt="100 Harris Street - AFR FIRST USE ONLY! MAY 2017" width="620" height="914" data-src="/content/dam/images/g/v/x/a/i/7/image.imgtype.afrArticleInline.620x0.png/1493701161551.jpg"> 
Meanwhile the listed property group Dexus will raise $500 million for the purchase of a stake in Sydney's tallest office tower. 
Dexus will take a 25 stake in the MLC Centre at 19 Martin Place for $361.3 million with its wholesale property fund taking the other quarter share. 
The 68,289 square metre MLC tower at Martin Place was placed on the market by QIC Global Real Estate in March.
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Dexus to buy Teplitsky's Pyrmont building for $327.5 million

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Sydney’s inner suburb of Pyrmont has transitioned into a stylish suburb from a habourside industrial hub, and it will only expected to benefit from the growing population, says Savills.
Pyrmont’s transformation over the last few decades is interesting. As industry moved out, the area declined and by 1991 had just 530 residential dwellings. However, several government initiatives later, redevelopment has picked up.
The number of residential dwellings has increased by a multiple of 12 and Pyrmont is now one of the densest suburbs in Australia, say Savills in their latest residential spotlight, authored by Sophie Chick.
However, the rate of development has slowed over the past decade with residential stock in the suburb increasing by just 9.1 percent over the decade to 2016. 
The redevelopment of the current site of the Sydney Fish Market, which is earmarked for residential development, is expected to change the site into a prestigious residential destination. 
The median price for an apartment in Pyrmont is $1.05 million, slightly higher than the neighbouring suburbs of Sydney, Glebe and Ultimo but lower than those in Rozelle and Balmain. 
By contrast, the median house price at $1.57 million is lower than all neighbouring suburbs with the exception of Ultimo due to the nature and size of stock selling. 
<a href="https://www.propertyobserver.com.au/images/2017/09/12/Pyrmont1.png" target="_blank">Click to enlarge</a>
 <img src="https://www.urban.com.au/images/2017/09/12/Pyrmont1.png" alt="">
Property prices in Pyrmont have experienced strong growth over the past decade. The median value of houses has nearly doubled over that period while the median apartment price has increased by 120 percent. More recently, the rate of growth has slowed with median values rising by 7.5 percent and 7.1 percent over the year to June 2017 for apartments and houses respectively. 
The median weekly rental value in the area in June 2017 was $840 for a house and $810 for an apartment, equating to average yields of 2.8 percent and 4.0 percent respectively, notes Savills. 
The proportion of private renters in Pyrmont is significantly higher than average accounting for 48 percent of the population compared to 28 percent across Sydney. Due to this high demand and lack of new supply in the area, the vacancy rate has remained consistently low over the past couple of years. In June 2017, the residential vacancy rate stood at 1.2 percent compared to an average of 2.1 percent across Greater Sydney. 
Pyrmont is popular with young professionals. The largest household types are couples without children and lone persons, which account for 57 percent of the population compared to 43 percent across Great Sydney. 
Correspondingly, there is a significantly higher proportion of the population aged between 25 and 34. Employment opportunities are a key reason people are drawn to live an area. Pyrmont is just a short walk away from the CBD, driving demand in the area from white-collared workers.  
The largest employment industries for people living in area are the Professional, Scientific and Tech sector and the Financial and Insurance sector accounting for 18 percent and 15 percent of employees respectively, significantly higher than the Sydney average.  
Pyrmont has a multicultural community with 51 percent of residents born overseas compared to 37 percent across Greater Sydney. Chinese dominate Pyrmont, accounting for seven percent of residents, followed by the United Kingdom and South Korea with six percent and four percent of residents respectively. As such, many international buyers are attracted to the area, providing an important source of demand for the housing market as both owner-occupiers and investors. 
As Sydney’s population continues to increase, interest rates remain low and infrastructure projects near completion, the long-term prospect for Pyrmont remain sound, according to Savills. 
Additionally, the transformation of the Bays Precinct is expected to improve the quality of life for existing residents and attract new buyers to the area in spite of the challenges of affordability and a slowing of the property market in Sydney. 
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