The current site of Sir Stamford at Circular Quay
on the historic Macquarie Street is another
potential redevelopment with excellent prospects
due to its exclusive location. Located at the heart
of Sydney’s CBD, it is within walking distance
to the world-renowned Opera House, Sydney
Harbour and Royal Botanical Gardens. Following
its recent conversion to freehold status, the Group
has lodged its development application (“DA”) to
redevelop the property into a 19-storey building
comprising of 104 residential apartments with
total saleable area of about 11,000 square metres,
and 1,354 square metres of retail and commercial
space. The DA includes retention and adaptive
reuse of the heritage Health Department Building.
The Group will continue to operate the profitable Sir
Stamford at Circular Quay at its current premises.
Timing of the redevelopment will be dependent
on the level of pre-sales and the approval of the
development application.
Another exciting Sydney residential development
in the pipeline is the proposed development in
Dulwich Hill. The Group’s A$23 million acquisition
of the freehold properties at 6-22 Grove Street
and 60-64 Constitution Road was completed in
February 2014 and the proposed plan to build
247 apartments on this 10,000 square-metre
freehold site has just been approved.
Located just 8 km from Sydney’s CBD, this sought-
after location, near the Dulwich Hill and Summer
Hill town centres, is in one of Sydney Inner West’s
most established residential enclaves. The site is
conveniently located next to a new light rail station,
which commenced operations in March 2014.
Property Investment
The Property Investment segment continues to
post stable results with good rental income from
Dynons Plaza Perth. However, a weaker Australian
Dollar resulted in a lower translated operating
profit of S$12.1 million despite a 5% increase in
rental income.
This prime CBD property will continue to generate
a steady flow of rental revenue. It is on a 10-year
lease to Chevron Australia until April 2020.
21
STAMFORD LAND CORPORATION LTD
ANNUAL REPORT 2013/2014
