Sydney Council has reportedly paid $43 million for Pittsway Arcade as part of the 'Sydney Square' project.
As the last piece of Sydney Council’s ‘Sydney Square’ puzzle, the Pittsway Arcade at 305 Pitt Street has been sold. The council has reportedly paid $43 million for the property, which had been placed on the market through Knight Frank Sydney and TGC and which was exchanged on September 23rd. The property was privately owned by members of the Kong family of Greenwich for thirty-three years, after having purchased it in two parcels for a total of $4.5 million between 1983 and 1992.
The purchase is the last piece of the space that will eventually become a public square, civic boulevard and light rail station – all opposite the council’s heritage Town Hall building. The council has been acquiring the neighbouring properties for a number of years with the purchase of the Woolworths building ($6.3m in 1985), the Hotel Coronation ($7.5m in 1988), Park House ($3.5m in 1985) and 307 Pitt Street ($19.1m in 2004).
While the plan was put on the backburner with the axing of the CBD Metro, the council always had the square as a central component of their long-term plans and vision of the city centre as a ‘civic gathering place’ to be the centrepiece of ‘a revitalised and pedestrian-friendly George Street’.