Circular Quay

Sydney’s Circular Quay is bracing for a wave of new office developments, with fund manager AMP Capital locking in accountants Deloitte for a major precommitment in its new $3 billion tower and rival Lendlease drawing interest from the Commonwealth Bank’s wealth arm for its project.

The multi-billion-dollar redevelopment of Sydney’s Circular Quay is ­gathering steam, with AMP ­Capital in pole position to secure ­accounting firm Deloitte as an ­anchor tenant of its proposed $3 billion Quay Quarter Tower.

The Mirvac Group has entered the race to build a $1 billion-plus office tower on the best block at Sydney’s Circular Quay, with the move pitting it against rival Lendlease, which is planning a $1.5 billion skyscraper on the block.

Companies linked to one of China’s most controversial businessmen, billionaire Huang Xiangmo, have outlaid more than $1 billion to buy two major development sites from an arm of troubled Chinese conglomerate Dalian Wanda Group.

Chinese property developer Yuhu which was linked to a donations scandal that engulfed the Labor Party last month is understood to be in talks to buy two landmark property sites in Sydney and the Gold Coast in a deal that could top $1 billion.

City apartment markets might be slowing but Singapore tycoon CK Ow clearly has faith in the sector, re-lodging plans to develop opulent apartments on the site of his dowager hotel in Sydney. 

AMP Capital is in the final stages of undertaking two of Sydney’s largest real estate transactions, with its historic Alfred Street skyscraper to be revamped and its search for a capital partner for its Quay Quarter Tower coming to a head.

The commitment of Chinese conglomerate Dalian Wanda to its $2 billion projects in Sydney and Surfers Paradise is again in doubt, with the company offering to bundle up and sell its international apartment and hotel projects in a $6.6 billion mega-deal.

Chinese-owned developer Poly Australia, the local arm of Chinese developer Poly Real Estate, is set to put its stamp on a key block near Circular Quay in the Sydney CBD, with architecture firm Grimshaw winning a design competition for a major office tower. This article originally appeared on theaustralian.com.au/property.