Australia: Foster's receives concept approval for Kent brewery site
Foster's Group Limited (Foster's) received concept plan approval for the former Kent Brewery site on the 9th February from the NSW Minister for Planning, The Hon. Frank Sartor, according to Foster's Group media centre, February 12.
Encompassing nearly 5.8 hectares of land, the Sydney CBD site represents a unique development opportunity for the city and the local community. The approved concept plan aims to transform the site into a mixed residential, office, retail, entertaining and dining precinct, while preserving the site heritage and introducing parks and open space.
Foster's Australia, Asia & Pacific Finance Director, Angus McKay said: "This is a great result for Foster's and for the people of Sydney who will benefit from the creation of a new residential and commercial precinct within the local community.
Foster's announced its intention to seek greater planning certainty for the site in early 2005, following the cancellation of a previous $203 million conditional offer to purchase the site.
The heritage site, the former home of the Tooth and Co. and Carlton & United Breweries, was built on Blackwattle Swamp Creek in 1835. The brewery ceased operation in early 2005.
"With concept approval received, we will now seek an appropriate purchaser with the ability and vision to bring this concept to life," Mr McKay said.
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