Web DevelopmentKing Street Wharf is set to become one of the most sought after of CBD office locations with big names like Macquarie Bank, American Express, KPMG and now Macquarie Bank moving in.
The new Maquare Bank building takes up an entire city block. wrapped in metal the two buildings which are side by side consist of 11 floors with a park between each building.
Already property prices in the area have risen significantly with a 184 square metre top floor property at 15 Lime Street selling last year for $2,600,000 to Mediterranean Shipping. The property had 166 metres of internal space. A mecca for small medium business King Street Wharf is primarily owned by either private investors or owner occupiers.
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According to Multiplex King Street Wharf comprises of five stages with an overall forecast completion value of approx $1 billion. Covering approx five hectares, the total development includes commercial, residential, and retail, entertainment, serviced apartments and a hotel. It also involves associated infrastructure such as roadwork’s, car parking, charter vessel berthing facilities and coach parking.
Greg Collins of Vertical Property Group said, “Demand in the area is at a premium. We currently concluded a 3 year lease at $680 a square meter with a 5% annual rise. With Multiplex taking up residence and American Express set to move in this year the precinct is fast becoming one of the most sought after CBD business addresses”.
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By 2009 the King Street Wharf precinct is set to have over 20,000 people working in the area. The area is also set to be the gateway to the East Darling harbor precinct which will take up more than 22 hectares of waterfront running from King Street Wharf.
Late last year NSW Premier Morris Iemma announced the winning entry in a competition to design a new recreational, commercial and residential precinct on a 22-hectare site at Sydney’s East Darling Harbour.
Mr Iemma today said an 11-hectare waterfront park was the focal point of the winning design by Sydney design team Phillip Thallis, Paul Berkemeier and Jane Irwin.
The redesign of the current container terminal also would include a waterfront promenade completing the link between Woolloomooloo and the Anzac Bridge.
A public competition will be launched to find a name for the site, which is to include commercial and residential buildings.
“This is an exciting new vision for Australia’s global city which will restore public access to this part of the foreshore for the first time in a century,” Mr Iemma said in a statement.
“The redevelopment will also include enhanced port and passenger terminal facilities to accommodate growth in international passenger shipping.”
East Darling Harbour
Construction is expected on the first stages of the project within two years.
For information on King Street Wharf property go to:
http://www.verticalpropertygroup.com/