Sydney Arena

FAST TRACK AQUALAND

- Reg Ryan’s City Beat

Aqualand tower rising up in North Sydney has been put onto the fast track for early completion.

The soon-to-be demolished the old SAP headquarte­rs building at 168 Walker Street in North Sydney will soon be taken down to pave the way for 441 high-rise residentia­l apartments.

The existing SAP building became vacant last November. Aqualand purchased the site in 2015 for $157.5 million from the investment and advisory group Anton Capital - and lodged a developmen­t applicatio­n for a mixed-use developmen­t.

Aqualand is a subsidiary of Shanghai-based developer Shenglong.

The Sydney-based developer will supervise the demolition of the existing commercial tower and oversee constructi­on of the luxury high-rise project.

Office towers in North Sydney are in hot demand due to the limited supply of office space resulting from the compulsory acquisitio­ns to make way for the new metro station Victoria Cross.

The new year has seen a rising demand for quality apartment sales across Sydney with a resurgence of discerning buyers looking for high quality product in distinctiv­e locations.

The Yuhu Group is undertakin­g a $200 million 283-apartment project at 221 Miller Street while Greenland’s 211-apartment developmen­t at 225 Pacific Highway gained notoriety in 2014 - after selling out.

Australia’s biggest residentia­l housing developer Stockland has acquired 118 Walker Street along and the neighbouri­ng 122 Walker Street for $121 million.

The amalgamate­d site can accommodat­e up to 60,000 sqm of prime office space.

The year ahead will be stronger for the city’s economy with employment staying below 5 per cent.

Wage growth is forecast to climb to three 3 percent - up on the 2.2 percent it has been for past five years.

The Federal Treasury is staking its claim that the nation’s harbour gateway city will sustain an expected rise in household disposable incomes - on the back of rising wages - while there are some concerns at the proportion of gross income absorbed by tax.

A rise in property income from higher house and apartment valuations, as well as a period of stable rent, is expected to offset the impact of the drought and lower farm incomes.

It’s more far more likely that overseas conditions that will hold back Australia’s growth.

North Sydney ended the year $1.6 billion year richer than the previous year.

Total property sales 2019 was $2.6 billion.

Included is the ongoing buildings’ developmen­t is the Mount Street property that will become the headquarte­rs of Zurich Australia.

The Zurich building will comprise 29 storeys and basement parking over three levels. The site was bought for $350 million by CBRE Global Investors on behalf of a German pension fund.

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