Land Use Market Appraisal

The Catholic Archdiocese of Sydney owns a site on Liverpool Street in the Sydney CBD known as the Polding Centre.

The Site has received concept plan development approval for demolition of the existing structures and building envelopes for 24,000sqm gross floor area (arranged over an 8 storey commercial podium and a 61 storey residential tower above).

Detailed design of the proposed concept development will be subject to a future Stage 2 development application.

The Central Sydney Planning Strategy was first unveiled by the City of Sydney Council in 2016. The draft strategy was on formal exhibition from May to July 2020. At the time of the project, the Strategy had been adopted by the City with development controls pending finalisation. The Strategy proposed to remove incentive floorspace provisions for certain uses including residential.

Once planning controls are amended, there would be less opportunity for residential supply, with fewer sites able to access the incentive floorspace provisions for residential uses.

What we did

Atlas carried out a Market Appraisal to assist the Catholic Archdiocese of Sydney’s sales campaign with an understanding of the Site’s competitive context, examining its status as a potential development site and its commercial office offer when redeveloped.

The outcome

Development rights to the development planned on the Polding Centre were sold in October 2021.