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Advisory and Transactions

Sirius Building

Sirius Building

Project facts

Project area

c 3,600m2

Location

2-60 Cumberland Street, The Rocks NSW 2000

Local government Area

City of Sydney

Delivery timing

State Significant Development Application lodged November 2020

Development

Application: late Q4 2020

Zoning

B8 Metropolitan Centre

Financial

$150m (revenue from sale)

Our role

The Property & Development NSW (PDNSW) team is responsible for the management and delivery of largescale, or complex, real estate projects and transactions.

Current status

The building was sold to Sirius Developments Pty Ltd in June 2019, with settlement subject to the purchaser commencing construction on site. Construction commenced in October 2021, and the property settled in December 2021.

What is proposed?

The Sirius Building will undergo a significant refurbishment by a private investor after it was sold for $150 million in 2019.

Proceeds from the sale were injected directly into building new social housing for about 630 people.

The purchaser is seeking to retain the existing iconic building and deliver modern and innovative residential, retail and commercial spaces servicing Cumberland Street and Gloucester Walk. A publicly accessible thoroughfare will also link Gloucester Walk and Atherden Street to improve connectivity within The Rocks.

Project objectives

Key objectives of the project include:

  • contributing to new social housing dwellings in NSW through recycling surplus assets
  • renewal and reactivation of The Rocks in line with the heritage character of The Rocks
  • improve accessibility through The Rocks precinct
  • improvements to the public domain.

Non-financial benefits

Refurbishment and restoration of the iconic Sirius Building. The proposed design:

  • protects the iconic modular design, maintains the integrity of the overall building form and preserves the key viewpoints noted in the State Environmental Planning Policy (State Significant Precincts) 2005
  • delivers activation strategies that will improve public access via a new site link
  • improves visitor accessibility to The Rocks heritage precinct through the delivery of a public lift
  • improves the quality of the public domain through upgrades to landscaping, brick paving, public artwork, a public forecourt and new streetlights along Cumberland Street.

Financial benefits

  • Capital return to the Government to fund more than 300 social housing dwellings across NSW.
  • Job creation throughout the construction phase and ongoing job opportunities through retail and commercial uses.

Working together

The Land and Housing Corporation (LAHC) and PDNSW worked together to deliver this project.

For further information, please contact us at
PDNSW_Projects@property.nsw.gov.au