Swiss pension fund Avadis, through its developer AFIAA, has proposed a $333 million residential tower in Pyrmont, Sydney. The plan involves demolishing the west wing of an existing eight-storey office building at 60 Union Street to make way for a 34-storey tower with 178 market units and 41 affordable units.
The proposed tower, designed by FJC Studio, features a mix of single, two, and three-bedroom apartments, including a three-bedroom penthouse. Covering 4689 square meters, the site is near the Inner West Light Rail, Sydney CBD, and The Star casino. It is also close to the under-construction Pyrmont Metro station, set to complete in 2032.
The development includes a revised seven-storey commercial podium next to the tower, offering 8855 square meters of office space and 3685 square meters for retail. The existing Coles supermarket will relocate to the upper and lower ground levels. Amenities like a golf simulator, 25-meter pool, gym, function room, and cinema are located on a landscaped terrace at level 11.
The project seeks to rezone the land from commercial to mixed use, increasing height controls to 116 meters and floor space ratios to 8.77:1. This exceeds the Sydney City Council’s draft Ultimo Pyrmont Planning Proposal, which aims to add 4800 homes to the area.
The design draws inspiration from Pyrmont’s colonial Victorian terraces and its waterfront setting. AFIAA already manages an A-grade office block in Woolloomooloo and another commercial asset in the Sydney CBD. They sold their Melbourne Bourke Street holding in 2024.
Pyrmont is experiencing significant development. Across Union Street, Sydney Metro has approved a 31-storey mixed-use project above the future Pyrmont station. Nearby, Mirvac’s $1.2 billion Harbourside redevelopment includes a 48-storey luxury residential tower, while Landream has modified its $900 million Pyrmont Precinct project.
The Pyrmont office market is 16 per cent vacant, on par with the national average, but higher than the Sydney CBD. CBD office stock dropped below the historical average last year but is forecasted to jump to about 120,000 square meters by 2028, according to the Property Council of Australia.