An award-winning, luxury residential conversion project
This exclusive and prominent project involved converting a 15 storey commercial building into 75 luxury apartments, together with basement level car-parking and retail/commercial space.
Turner & Townsend Thinc was chosen as development and project manager for this joint venture by Australand Holdings Ltd and Rebel Property Group.
ADVICE + ACTION
118 Alfred Street is an outstanding example of Turner & Townsend Thinc’s capability in the residential sector, particularly on complex residential conversions.
Our experience in delivering other similar projects such as Observatory Tower and Highgate Apartments, both in Sydney, provided the platform for Thinc to manage another successful outcome in this environmentally responsive development.
Our problem-solving skills helped to overcome a number of complex design problems in the course of the project (in close collaboration with the design team) and also enabled the team to negotiate a challenging section 96 amendment to the original DA approval.
As well as acting as development manager and project manager, our specialist residential team also carried out a detailed project due diligence for Australand before their entry into the joint venture arrangement.
As part of the due diligence process, we undertook a detailed revenue optimisation process which resulted in an increase in realisable project revenue while also delivering reduced costs.
The final outcome is a modern, attractive residential tower with stunning views over Sydney Harbour. The development won the Urban Taskforce 2010 Development Excellence Award for “Residential Apartment Development.”