Office towers in Sydney go residential

An Australian based developer Bridgehill Group has purchased an office tower at Sydney’s exclusive Milsons Point, with plans to turn the headquarters of insurance group TAL into a $100 million plus apartment complex.

Asian groups have been circling commercial buildings in the heart of Sydney for residential development plays given the growing popularity of inner-city living.

Far East Consortium, a Hong Kong based group involved in Melbourne projects, and the East Asia Property Group, a developer embarking on a residential project at Botany in South Sydney, are known to be looking.

Australand sold the Milsons Point building for $49m to Bridge Hill.

The property is expected to be developed late next year, when the lease to TAL expires and the insurance firm moves to George Street in central Sydney.

The property in Milsons Point, a waterfront suburb that is increasingly dominated by apartment complexes, is earmarked for about 110 units and was sold by CBRE’s director of site sales Matt Ramsay.

Brookfield’s Sydney CBD office building on the corner of Pitt and Bathurst streets is earmarked for the city’s tallest

residential tower; there is approval for 400 apartments across 65 storeys. The property, for which Brookfield paid almost $150m four years ago, has recently been on the market.

Charter Hall’s office building at 59 Goulburn Street is being marketed for sale as a potential residential conversion.

Originally published by The Australian