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City of Sydney seeks over A$200M sale of development site

The City of Sydney has placed a 1.2-hectare site in the Pyrmont district on the market for over A$200 million, The Australian Financial Review reported.

The site at 14-26 Wattle St. previously served as a council depot and has planning permission in place for a 50,000-square-meter mixed-use development featuring apartments, a childcare center and a city-owned indoor recreational center.

The local authority will use net proceeds from the sale to finance the A$1.7 billion, 10-year capital works program of the city, the Sept. 4 report added.

CBRE is managing the sale.