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Oxford Properties' consortium secures deal to develop A$1B Sydney project

The state government of New South Wales in Australia selected Canada-based Oxford Properties Group Inc.'s consortium with Grocon Group Holdings Pty. Ltd. and CPB Contractors Pty. Ltd. to develop an integrated project atop the new Pitt Street Metro Station in Sydney, IPE Real Assets reported.

Unnamed sources told the publication that the development at 252 Pitt St. is expected to have an end value of more than A$1 billion. It will have 65,000 square meters of space and will feature a 39-story office tower, a retail plaza and a 39-story build-to-rent apartment building with about 230 apartment units.

The Canadian investor will serve as the lead developer and equity investor for the project, according to the Sept. 17 report. Construction of the project is expected to commence in 2021, with completion of the residential component slated in 2023 and of the office component scheduled for 2024.