Sleep where you work?
23 Jun 10
Sleep where you work?
Long hours and a life that revolves around work lead many people to already feel they live in the office but with a number of big redevelopments planned for the Sydney central business district it could become an increasing reality.
Developers are converting older-style properties into upmarket residential towers where they can make more money on strata apartment sales than they could leasing offices.
Most of the new projects are on the fringe of the core CBD, including the area surrounding Hyde Park, Circular Quay, Walsh Bay and north of the Harbour Bridge in Lavender Bay and Milsons Point.
The multimillion-dollar developments offer good locations, harbour and leafy views and access to all forms of transport.
The regeneration of the city with new late night pubs and restaurants and public spaces have made CBD living far more appealing than a decade ago.
James Bell, associate director for CBRE residential projects, says well-located and well-developed CBD projects are in high demand.
''There has been a number of conversions of office towers into residential apartments and we can only see demand rising,'' Mr Bell said.
''We find there is a lot of demand from buyers who want a city address in a good location and, with limited stock, the developers are keen to proceed down this path.''
Other developments under way in the city are The Hyde in Liverpool Street, on the site of the former headquarters of Stockland, and projects in College and Elizabeth streets.
AMP Capital Investors' wholesale fund is looking at the potential of converting the offices of the late Kerry Packer at 54 Park Street to apartments, while the Singaporean company Citaden, which is the new owner of FKP's property at 10 Quay Street in Haymarket, could also look at a conversion.
CB Richard Ellis has been appointed the exclusive selling agent for 61 Lavender Street, Milsons Point, potentially the last significant harbourside residential development opportunity in the area.
Source: SMH, www.smh.com.au