Highest tower earmarked

Brookfield Assessment Management has reignited plans to sell the Sydney Water Board Site, earmarked for Sydney’s highest apartment tower.

Brookfield Assessment Management has reignited plans to sell the Sydney Water Board Site, earmarked for Sydney’s highest apartment tower.

According to property investor website Blockbrief, Brookfield gained planning permission in July 2011 for a 70 storey residential tower, which at 240m would outrank Meriton’s 230m tall World Tower. The AFR reported that a Chinese developer Greenland Group is the front runner to purchase the site.

The Chinese group last year told offshore media that it would speed up a plan to build a residential-commercial-hotel project in Sydney at a cost of 8 billion Yuan. Greenland at the time did not specify a site but it has looked at the Brookfield site at 115 Bathurst Street, which is reported to have price tag of $100 million.

The AFR last month reported that Greenland had undertaken due diligence and were in a position to do a deal. It was understood that the Chinese group was not the only party to have approached Brookfield about the site.

News of reignited plans to sell the site comes after plans for the sale were reported to have been ditched in November last year.

SOURCE: Blockbrief