Pete Wargent blogspot

CEO AllenWargent Property Buyers, & WargentAdvisory (institutional). 6 x finance author.

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Monday, 27 July 2015

Cranewatch

A quick scan around the Darling Harbour skyline from the weekend.

Lend Lease (LLC) is making some progress on the ICC Sydney Hotel, a luxury 5 star affair due to open in December 2016.

This forms part of the massive Darling Harbour Live project, which will also incorporate a new convention centre and a residential and commercial urban village at the Darling Square end of the harbour.


The daytime view:


View from the Pyrmont Bridge (it's also the Sydney International Boat Show this week):


Across to the left of shot below, at the city side of the harbour, the new suburb of Barangaroo is now also emerging apace.

Another Lend Lease development, this will be based around a range of 6 star office suites as part of 320,000 square metres of harbourfront office space.

The development will also incorporate retail space, a hotel and some luxury residential apartments.


Towers 2 and 3 have been awarded 6 star status, now up to Level 39 and counting. Note that the suburb is primarily commercial in nature, rather than residential.


View from the harbour side:


Rapidly escalating land values in Pyrmont and its surrounds was something I anticipated years ago, much discussed on this blog and in my first book.

Plenty disagreed with me, based on some theory or other related to population growth per square me...no, hang on, it was the density of population to land val...something or other, anyway.

Meanwhile, new apartments at Barangaroo are being priced at $1 million per bedroom, while escalating commercial resales have pointed towards values rising at a pace of close to 25 per cent per annum.

Property prices in Pyrmont have been some of the fastest growing in Sydney since the 2000 Sydney Olympics, particularly those which have a point of difference.

And this is only set to continue as Lend Lease completes its amazing transformation of the harbour area over the next couple of years.