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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  GPT Group    GPT   AU000000GPT8

GPT GROUP

(GPT)
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End-of-day quote. End-of-day quote Australian Stock Exchange - 10/29
4.04 AUD   -1.70%
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GPT : AMP-Winning scheme selected for Cockle Bay Park transformation

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03/16/2020 | 06:41am EDT

An urban park centred scheme, designed by Henning Larsen, has been selected as the winning concept for The GPT Group and AMP Capital's planned 73,000 square metre Cockle Bay Park redevelopment.

Following Stage 1 development approval, an International Design Competition was held between six globally-renowned architectural teams, comprising lead architects from both international and local firms.

The jury-selected design will feature a new retail podium with a commercial office tower above, reconnecting Australia's largest city to Cockle Bay and the Pyrmont Bridge with an employment, leisure and cultural precinct, while providing the only sizeable area of public green space along the Darling Harbour waterfront. The project will revitalise the Cockle Bay precinct, creating a community destination that offers a seamless harbourfront connection spanning from Barangaroo Reserve to the International Convention Centre.

GPT's Head of Office and Logistics Matthew Faddy said the redevelopment will set a new benchmark for office building design in the Sydney CBD. 'The quality of the entries produced for this competition were exceptional. Cockle Bay Park will deliver cutting-edge workplaces, leading sustainable design (6 Star Green Star), and a significant new public place for the community along with a world-class retail, entertainment and dining precinct,' said Mr Faddy.

AMP Capital Managing Director Office & Logistics, Luke Briscoe said: 'By partnering with landmark architecture firms and incorporating leading-edge urban design, we are optimising performance for our investors, as well as delivering a huge win for our customer and the people of Sydney. We are delighted the design brings to life our aim to reconnect the harbour and the city by creating a new expanse of public open green space.'

The transformed precinct will include an expansive elevated park over the eightlane Western Distributor, which has separated workers and visitors to the waterfront from the city since the 1970s. The space above the freeway will be converted in to more than 7000 square metres of public and green space, realising the original vision for the site by re-stitching Cockle Bay to Sydney CBD.

Current constraints in the form of raised freeways and lowered roads will make way for landscaped open space, ramped access and public lifts. The resulting improved pedestrian access will reconnect workers and visitors to the commercial core of Sydney, with enhanced entrances on Market and Druitt Streets providing unencumbered access to Town Hall Station and the new Sydney Light Rail.

Partner at Henning Larsen Viggo Haremst said: 'We are incredibly proud to have won this important design competition in the heart of Sydney. Cockle Bay Park links the city to the waterfront at Darling Harbour, and we are excited by the opportunity to design a destination that is distinctly human-scaled while also offering world-class retail, office, and public space. Sydney is unique in how it entwines a friendly local atmosphere within a cosmopolitan city - we see Cockle Bay Park as an opportunity to reflect this and to emphasise the best of what Sydney can be.'

The design provides a unique opportunity to deliver strategic employment and workplace uses in the tower, interlocked with engaging cultural uses arranged within its retail podium.

The 63,000 square metre office tower will feature floorplates of over 1,800 square metres with sweeping views of the water at all levels, including a spectacular lobby with uninterrupted views of the harbour.

The podium will deliver 10,000 square metres of retail space, with a wide pedestrian boulevard serving as the link between internationally acclaimed shops, restaurants, bars, and the park facilities and lobby above.

The development will greatly enhance Darling Harbour's capacity to host large public events such as New Year's Eve, Vivid and Lunar New Year, with the series of terraces forming a natural amphitheatre able to accommodate up to 20,000 people for large scale public events.

Contact details

Lara Evans

+61 (0) 419 226 449

Lara.Evans@ampcapital.com

(C) 2020 Electronic News Publishing, source ENP Newswire


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Financials
Sales 2020 640 M 450 M 450 M
Net income 2020 475 M 334 M 334 M
Net Debt 2020 4 279 M 3 010 M 3 010 M
P/E ratio 2020 16,6x
Yield 2020 4,75%
Capitalization 7 870 M 5 519 M 5 536 M
EV / Sales 2020 19,0x
EV / Sales 2021 16,8x
Nbr of Employees -
Free-Float 99,9%
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Number of Analysts 11
Average target price 4,46 AUD
Last Close Price 4,04 AUD
Spread / Highest target 31,7%
Spread / Average Target 10,5%
Spread / Lowest Target -1,35%
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Robert William Johnston Chief Executive Officer, MD & Director
Vickki A. McFadden Chairman
Mark Fookes Chief Operating Officer
Anastasia Clarke Chief Financial Officer
Gene Thomas Tilbrook Independent Non-Executive Director
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