Aqualand to sell Channel Seven sites in Sydney's Pyrmont

It is understood continued demand for top-quality residential sites in Sydney makes it timely for the company to recycle the asset and take the profit.

Aqualand is, however, not selling REVY at No 8 Darling Island Road, which will boast some of the most luxurious apartments in the city when completed. Some of the apartments have sold at land rates as high as $47,000 a square metre. Penthouses in the project have been priced between $15 and $16 million.

Prices for the exclusive apartments at REVY started at $2.5 million. Supplied

The REVY building is a freehold heritage naval building earmarked for 46 luxury apartments. It has views of the Sydney Harbour Bridge.

The landmark building was originally constructed to warehouse general goods for the Australian Navy and the Postmaster General’s Departments and REVY represents one of the few surviving narrow vertical warehouse designs in Sydney.

The two Channel Seven sites – Seven’s headquarters and the car park at 6 Darling Island Road – have long-term development potential.

The site at 6 Darling Island Road has been approved for an eight-storey building featuring 32 apartments.

There are no known plans for Seven’s headquarters at 34-38 Pirrama Road, which incorporates two heritage buildings and a smaller gatehouse building. It is understood that Channel Seven will be moving out of the sites by November.

CBRE is handling the sale but an expected price guide has not been issued for the expressions of interest sale.

Aqualand has had an active asset recycling program. It is poised to exchange contracts on a North Sydney building, 54 Miller Street for about $60 million.