Sydney Metro Spends $120 Million Acquiring Sites

Two more properties, one in Pyrmont and another on Castlereagh Street have also been purchased, the AFR reports.

In the case of 30 Clarence Street, Sydney Metro paid approximately $30 million for the site, returning tis owner – who paid $19 million in 2006 – a nifty profit.

The first stage of the project is estimated to be worth some $4.8 billion, and would link Central Station with new stations next to Town Hall, Martin Place, Wynyard, Barangaroo, Pyrmont and Rozelle.

The government told the AFR it is trying to minimise its compulsory acquisition powers, instead choosing to negotiate directly with occupiers, including in one case, education group Navitas.

Ms Keneally expects an announcement about the metro rail system to be made in late February, 2010.

 

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco

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