New life for old brewery

Sydney’s ‘Central Park’ development approved on old Carlton United Brewery site while credit woes continue

OLD BREWERY SITE WELL UNDER WAY

International property developer Frasers Property Australia has received approval of project applications for the first residential and commercial stages in Sydney’s southern CBD.

The developer says it is now poised to start construction of the Ateliers Jean Nouvel residential towers – called One Central Park – by the end of the year, having formally called for construction tenders last week.

Designed by French architectural firm Ateliers Jean Nouvel, One Central Park’s eastern residential tower will be 116 metres high (matching the height of the University of Technology Sydney tower next door) and its western tower, 64.5 metres high. With 600 residential apartments and retail and recreation space, the towers will have a total value of about $650 million.

Construction is already under way on the $2 billion precinct, which occupies 5.8 hectares on the site of the old Carlton United Brewery. The 6500 square metre main park and road infrastructure works were approved in February.

TIGHT CREDIT SINKS CONSTRUCTION

The construction industry contracted in June following three consecutive months of growth, the latest Australian Industry Group/Housing Industry Association Performance of Construction Index (Australian PCI) results show. A fall in new orders, employment and deliveries, largely due to a dip in house building, saw Australian PCI fall 6.8 points to 46.4 (readings below 50 indicate a contraction in activity). Across construction, the house building activity sub-index dropped 13.9 points after 10 straight months of growth, while the apartment building sub-index contracted for the second consecutive month. This was largely due to ongoing tight credit conditions and subdued demand, the AIG says. In contrast, the Australian PCI showed engineering construction was back in positive territory in June and commercial construction also strengthened.

RENTS REMAIN FLAT

Rents have shown little growth over the June quarter, with the median weekly advertised rents for houses recording no change, and median rents for units increasing by just 1.4 per cent, research from RP Data shows. At the end of June 2010, both house and unit median rents were $350 a week.

BRW

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