East Circular Quay Redevelopment (Series): Construction commences (1995)

Sourced from: Skelsey, M. 1995. "Gilding the Quay". The Daily Telegraph Mirror, November 3: 11. 

This is Part 14 in the series of entries on the redevelopment of East Circular Quay. Last week's entry focused on the unveiling of the redevelopment scheme that would lead to what we see there today. In 1994, Colonial Mutual Limited (CML) and Mirvac won approval to redevelop their respective sites with a focus on residential development, along with space for a hotel, retail, dining, cinema, rehearsal space, and offices for the Australian Chamber Orchestra. The new buildings would range from 12 to 15 levels.

Work commenced in 1995, with the demolition of buildings still on the site. Multiplex won the contract to demolish and construct the buildings on the land owned by CML.

In November 1995, CML announced that the project had been split into two. The northernmost building (1 Macquarie Street) would be developed separately, while 3, 5, and 7 Macquarie Street would be built jointly. During 1995, 1996, and 1997, CML had proposed altering the usage of 3,5 and 7 Macquarie Street from all residential to a mix of hotel and residential but ultimately settled for residential. 

Sourced from: Anon. 1995. "Sydney's Growing Pains". The Sydney Morning Herald, August 21: 11.

While apartments were yet to go on sale, prices were unveiled in November 1995. Seven penthouses in  Bennelong Apartments (northernmost tower) were on offer for more than $4 million. This would have made it one of the most expensive apartments in Australia. At the time, the most expensive apartment in Australia was at Darling Point, valued at $4.2 million and was owned by Nicole Kidman and Tom Cruise. 

Smaller penthouses (10) were on offer for less than $4 million, while remaining apartments were on offer from $750,000. 

Source: Skelsey, M. 1995. "Gilding the Quay". The Daily Telegraph Mirror, November 3: 11. 

The series continues next week.

Additional Sources

Condon, T. 1995. "Multiplex poised to win controversial Quay job". The Australian Financial Review, May 4: 34

Smith, F. Jimenez, K. 1995. "Australia's most expensive view will cost upwards of $4m". The Australian Financial Review, November 2: 40.

Entries in this series

1. East Circular Quay Redevelopment (Series): The first apartment block proposal (1979)
2. East Circular Quay Redevelopment (Series): Opera Garden Centre Scheme (1984)
3. East Circular Quay Redevelopment (Series): Unilever House Hotel Conversion (1986)
4. East Circular Quay Redevelopment (Series): Opera Garden Centre Scheme Revisited (1986)
5. East Circular Quay Redevelopment (Series): Unilever House Hotel Conversion (1987)
6. East Circular Quay Redevelopment (Series): CML's 1990 Scheme
7. East Circular Quay Redevelopment (Series): CML's Bennelong Centre (1991)
8. East Circular Quay Redevelopment (Series): East Circular Quay Redevelopment (Series): The Revolving Office Tower Scheme (1991)
9. East Circular Quay Redevelopment (Series): East Circular Quay 'Ideas Quest' (1992)
10. East Circular Quay Redevelopment (Series): Mirvac Hotel Scheme - 61 Macquarie Street (1992)
11. East Circular Quay Redevelopment (Series): New Planning Guidelines unveiled (1993)
12. East Circular Quay Redevelopment (Series): The shift towards residential development (1993)
13. East Circular Quay Redevelopment (Series): Residential Scheme unveiled (1994)