Landmark development approval for Pitt Street Metro Station.

The State Significant Development, approved by the NSW government, will see two new towers on the street integrated with the Metro station that is currently under construction.

The project is estimated to have a capital investment value of up to $500 million and provide 1,500 construction jobs and 1,800 longer term jobs.

The development will include:

• A 43 storey commercial or mixed-use building between Pitt and Castlereagh Streets above the northern entry.
• Either a 30-storey commercial building, or a 35 storey residential building, above the southern entry.

The development approval creates an opportunity to combine time frames so that the buildings are ready to open in conjunction with the Metro in 2024.

Source: NSW Government 31st July 2019

Australia’s largest Superannuation fund to ramp up lending to property developers.

AustralianSuper is directly lending a growing portion of its members’ $140 billion retirement savings to commercial property developers..

Head of Mid-Risk, Jason Peasley, said, “AustralianSuper is willing to provide single lines of credit in excess of $500 million and simplify arrangements for borrowers with a one stop shop solution.”

Source: Sydney Morning Herald, 25th July 2019