Capital Land Corporation have signed to buy a prime Sydney central business district site on a 103-year lease from the Uniting Church for $A63m.
As a result, Capital Land have secured the right to carry out the $A300m Piccadilly Plaza scheme — to include a 30-storey office tower, a new church and Lyceum Theatre for the Wesley Central Mission and 4,000m2 of retail space.
Negotiated by sole selling agents Chesterton International, the sale went through at the same price as had been sought in earlier talks which broke down some seven months ago, despite the intervening events of Black Monday.
The 36,000m2 office tower will front on to Castleraegh Street.
There will be bridge or tunnel access from the three retail levels to other retail centres in the area, including Grace Brothers, Centrepoint and the Queen Victoria Building, as well as to the new monorail system.
Chestertons have been retained as co-ordinating leasing agents for the office and retail space.
