Barangaroo Commercial Property News

Melbourne builder and developer Grocon has cited the corona­virus crisis and a legal dispute with the NSW government over the multi-billion-dollar central Barangaroo precinct as pushing its operations to the limit.

Development and construction company Grocon claims it is in a David and Goliath-style fight against the NSW government as it warns it may have to make 80 staff redundant so it can fund a legal battle over its costly exit from Sydney’s harbourside Barangaroo precinct.

The buyer of a major Sydney development site, with views to the Sydney Harbour Bridge, Cook + Phillip Park and St Mary’s Cathedral, says he is not concerned about COVID-19 and its substantial affect on apartment development sentiment.

The country’s premiere office towers are weathering the coronavirus crisis storm with sales being struck at levels showing only slight shifts in values ahead of the pandemic hitting.

Major building projects involving shops, offices, airports and hotels are set to be delayed by at least a month because of the corona­virus, amid calls for a national ­security strategy to bolster the country’s fuel and medicine stocks.

Two Asian-backed investment groups have tied up deals to buy two of Sydney’s most distinctive buildings, with developer Lendlease reaping more than $100 million from selling the Kengo Kuma-designed The Exchange at Darling Square and a hospitality complex on Barangaroo South’s waterfront to separate parties.

Singaporean sovereign wealth fund GIC is putting its stamp on Sydney‘s commercial property market by taking a stake of just over one quarter in two massive Lendlease-developed towers in the Barangaroo South harbourside office precinct that are worth about $4.6 billion in total.

The mid-market has emerged as the sweet spot in office leasing at the start of this year but big requirements from banks looking to split their operations and from flexible space groups could see larger deals struck later this year.

Every morning Chuck Clatterbuck takes the construction lift a minute and half up the face of Crown Resorts’ $2.1 billion casino, hotel and apartment tower taking shape on Sydney Harbour, and walks down floor by floor.