Next phase of Sirius sale process underway through Savills Australia
The NSW Government has called for expressions of interest to purchase the Sirius building in The Rocks, with a reported $120 million price tag.
Brett Newman, CEO of Property NSW, said the sale process for the property, located at 2-60 Cumberland Street, would be undertaken by way of a two-stage competitive tender process, the first phase an expression of interest and the second a Request for Tender.
“The Government is confident the draft site-specific State Significant Precinct State Environmental Planning Policy, in development by the Department of Planning and Environment, will ensure any future development on the site will consider the significant heritage of The Rocks precinct, including its design, balancing the best outcome for local residents and the wider community,” Newman said.
“The new planning controls, which include the requirement of quality design outcomes, will materially enhance amenity in the area, and will ensure the maximum height of any building would be restricted to the height of the Sydney Harbour Bridge deck.
“We want to ensure the best value for the State is achieved for the asset while preserving the character of the area.
“Importantly, funds realised through the sale of the site will be reinvested by the Government in new social housing across the State.”
Savills Australia is conducting an international sales campaign to highlight the future potential of the landmark site.
The EOI will run from May 25 for five weeks.
The sales process is expected to be finalised by the end of 2018.
There is a proposed maximum GFA of 8,420sqm* and flexible B4 Mixed Use proposed land zoning incorporated within the SEPP.
According to Simon Fenn, Managing Director of Savills NSW, Sirius represents a unique opportunity to acquire a rare, freehold land parcel in arguably Sydney’s tightest held precinct.
“The site provides exceptional Sydney Harbour views to the north and the east, spanning the Bridge and Opera House, which must be seen to be believed,” he continued.
Stuart Cox, Director of Residential Site Sales at Savills Australia, expects high buyer interest.
Mr Cox believes Sirius may be the last freehold development opportunity in the harbour-side precinct of The Rocks.