Fairfax Family Proposes Redevelopment of Sydney CBD Office Site

THE Fairfax family plans to demolish a 14-level office in Sydney’s CBD, and replace it with a 32-storey building which would have an end value of about $86 million.

The mixed use project, which would soar 121 metres at its highest, will rise from Pitt Street and include a six level office component, shops and a residential tower.

Fairfax paid $30 million for the approximate 40 year old building, in 1989, according to the AFR.

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Grocon Consortium Gets Started Building Sydney CBD’s Next Skyscraper

EXECUTIVES met at a big pile of dirt in the Sydney CBD, to mark the site which will become that city’s next major skyscraper.

Grocon plans to build an $800 million, 43-level, 54,000 square metre building at the site – which it was announced would have two addresses: 161 Castlereagh Street, and 242 Pitt Street.

Law firm Freehills will access the Castlereagh Street entrance, while bank ANZ will occupy Pitt Street.

The building will be owned by GPT’s Wholesale Office Fund, Grocon and LaSalle Asia Opportunity Fund III, upon completion.

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