SYDNEY CITYSCOPE, map 1 property 32
Gateway
1 Macquarie Place, Sydney

Gateway, a commercial building commenced late 1985 after more than a decade of objections and delays; completed in 1990. The commercial area comprises 47,258 sqm of gross office area (43,380 sqm net office area) over 39 levels. The retail plaza comprises 4,459 sqm over 4 levels in an enclosed mall with 45 shops, a tavern and seating for 240 people. Typical floor areas range from low rise floors of 1,143 sqm, medium rise of 1,207 sqm and high rise of 1,242 sqm. The Paragon Hotel, built in 1868, and the Ship Inn have been retained and restored as part of the development.
Historic listings: The Ship Inn and Paragon Hotel are classified by the National Trust and listed on the Register of the National Estate. The Paragon Hotel and the Ship Inn facades are listed on the Central Sydney HLEP 2000, Heritage Inventory No 2001 and 2015 in April 2000. Falls within the Macquarie Place Urban Conservation Area as classified by the National Trust.
Occupants: Australian British Chamber of Commerce, Bank of Tokyo-Mitsubishi (Australia), British Consulate General, Central Japan Railway Company, Consulate-General of Italy, Coudert Brothers, Flight Centre, Hunt & Hunt Lawyers, Integrated Vision Video Conferencing Centre, Italian Institute Of Culture, Japan Bank for International Co-Operation, JETRO, Jones Lang LaSalle, McDonald's, Mitsubishi Australia Ltd, Mitsui & Co (Australia) Ltd, Neptune Palace Restaurant, Nulbom Korean Restaurant, Paragon Hotel, Ship Inn, Stanbridge Enterprises, Standard Bank London Limited and The Secretary of State for Foreign and Commonwealth Affairs of the United Kingdom of Great Britain and Northern Ireland.
Development proposals: JR/2003/453 for refurbishment of food court/food hall at a cost of $650,000 was approved in February 2004.
Owner: Perpetual Trustee Company Ltd on behalf of Deutsche Wholesale Property Fund, PO Box Q280, Sydney 1230. The leasehold of the Paragon Hotel is owned by Peter Ryan. Deustche Wholesale Property Fund, formerly NMFM Property Fund, is a wholesale trust marketed to institutional investors, managed by Deutsche Australia Ltd following Deutsche's purchase of Axa Australia Property Management from Axa Asia Pacific Holdings Ltd (formerly National Mutual Holdings Ltd) in 2001. National Mutual Life Association (a subsidiary of Axa Asia Pacific) is a major unit holder in the fund.
Sales history: Most of the properties on the site were acquired by a Mainline-Hooker-Silverton joint venture in the late 1960s and early 1970s. T&G acquired Silverton and after Mainline collapsed in 1974 it acquired Mainline's share of the project. National Mututal took over T&G in 1983, and in 1985 acquired full control of this site by purchasing Hooker's interest. To complete amalgamation of the site it was necessary to buy three streets (the former Henrietta Lane, Mercantile Lane and part of Arbitration Street). The Valuer General valued the streets at $18,000,000 and the 1,650 sqm of open space to be provided by the developer (property 37) at $14.7 million; National Mutual's Gateway Plaza Pty Ltd (the former owner) paid the difference, $3.3 million, for the streets in 1985. Bought as an incomplete building for $352,000,000 (cd 02.11.1988, td 02.11.1988) by the trust. The leasehold of the restored Paragon Hotel was offered for sale by tender closing July 31, 1989. In November 1989, the 15-year lease was acquired by hotel operator Peter Ryan; joint agents Colliers International and L J Hooker. The Gateway was valued at $520m in July 1989, at $644m in June 1990, at $545m in March 1991, at $450m in March 1992, at $364.5m in July 1993, at $390m in June 1994, and again at $390m in December 1994. In October 1994, National Mutual paid $54m to increase its interest in the trust (which also owns half of Collins Wales House in Melbourne) from 65% to 81%. Early in 1995 National Mutual announced a takeover bid for the remaining units.
Building services: Lifts - OTIS (21 lifts).
Managing agent: Jones Lang LaSalle Sydney.
Frontage: 103.08m (338ft 2in) to Alfred St, 16.84m (55ft 8in) to Pitt St, 112.61m 369ft 6in) to Reiby Pl.
Site area: 5,173 sqm.
Title details: V8635 F72.

February 28, 2005; NEXT ISSUE: May 31, 2005
©2005 Cityscope Publications