Mirvac Setting Stage for Pitt Street Tower21 November 2019
Mirvac is setting the stage for its planned development at 37 – 55 Pitt Street with the acquisition and transfer to Mirvac Capital of 50% of 37 Pitt Street for $80.5M.
The existing B Grade office building at 37 Pitt Street comprises 12,138sqm of NLA and 93 car spaces. Mirvac have held the asset since 2013 via the Mirvac Property Trust and the transfer likely paves the way for Mirvac to introduce a capital partner to join in the office development process and or free up capital to acquire the Dalley Street adjoining site.
Mirvac are yet to release its plans, but previous records show plans to develop properties at 37-57 Pitt Street and 6-8 Underwood Street, together known as 55 Pitt Street. The plans would enable the development of a 45,000sqm office tower up to 155.5m high.
Mirvac has yet to confirm a deal with NSW Treasury, owner of the Ausgrid substation site at 8-14 Dalley Street, which could form part of its plans.
The new Mirvac builidng would sit behind Lend Leases' $1.5bn office building, which at 55 storeys' is pitched as Sydney’s tallest office building at 263m high. Lend Lease won the backing of China’s Ping An Real Estate and Japan’s Mitsubishi Estate Asia for the project.
Meanwhile, construction on the Yuhu development, acquired from Wanda, continues despite other issues emerging with the group. Yuhu's plans include a 15-storey hotel on Pitt Street and a separate 57-storey residential building on George Street that will house some of the city’s most expensive apartments. Nearby at 220 George Street, Poly Group are seeking tenants for its 25-storey office complex which is also under construction.