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City of Sydney council offloading block of land in Pyrmont, with several conditions

February 14, 2018

The City of Sydney is selling a disused site at 14-26 Wattle Street, Pyrmont. Photo: Paul Patterson

A series of assets from a disused site and two bank branches are to be offered to test the demand from investors.

The City of Sydney has placed its site at 14-26 Wattle Street, Pyrmont, on the market, although with the priviso that the new owner must build an 80-place childcare centre and a multi-use two-court indoor recreational centre.

The developer would transfer stratum ownership of the public facilities back to the City, allowing for these services to be delivered for the local community.

Lord Mayor Clover Moore said selling the unused inner-city land would help create ”much-needed childcare and multi-purpose sport facilities for the area’s growing population”.

“This area is facing a shortfall in early learning facilities and strong demand for multi-use, indoor sports facilities,” the Lord Mayor said.

“This proposal to sell off land surplus to requirements will help respond to the growing recreation and daycare needs generated by high-density residential developments and the expanding Ultimo Public School.”

The site was previously proposed as the location for a new Ultimo Public School and childcare centre, but the NSW Department of Education advised the City in 2015 it would not proceed with the purchase.

The City’s Open Space, Sport and Recreation Needs Study, adopted in late 2016, recommended more indoor multi-purpose courts for inner-city areas, including Pyrmont.

Two CBA investments in Redfern and Five Dock have also hit the market and are set to sell under the hammer at Burgess Rawson’s February Portfolio Auction.

According to director of Burgess Rawson NSW, Simon Staddon, who has been involved in selling bank branches for the past 20 years, bank invesments remain a popular asset class for high-net-worth investors.

Mr Staddon said the branches are at 164-166 Redfern Street, Redfern, and 118 Great North Road, Five Dock.

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