The building permit for the BMW building at the corner of the Swan and Glebe is in doubt
- by admin
Building permit for BMW building demolished at Swan and St Andrew Streets due to lack of funding source News, ABC News article Building permits are in the balance for the new BMW building on Swan and the Glebe streets, and the Government is facing a potential shortfall in funds.
The Government is seeking to rebuild the building on the corner and has received a building permit but a number of hurdles remain.
The Swan and Peaches development site is undergoing a major facelift as part of the Government’s new $10 billion Westpac Development Strategy.
In December 2016 the developer completed work on the Swan Street building, with the project expected to be completed in March 2021.
However, the Swan site has not yet been completed.
The Government says it has secured funding from the Westpac Strategic Development Fund (SDF) and the Building and Housing Commission to rebuild Swan Street, but no building permit has yet been issued.
The site will then need to be reconstructed with the help of external contractors and will need to meet certain conditions.
The building permit issue will be a key factor in the Government and Westpac negotiating the final terms of a building agreement for the Swan street site.
The development site was first listed for sale in June last year.
It was initially intended to be redeveloped into apartments, but the developer has since moved into a new office block.
The project is set to see the building demolished.
The Swan Street site was previously listed for $1.6 billion, but in October 2016 Westpac announced it was willing to accept a building grant of up to $1 billion to complete the project.
But the project has not been funded.
Building permit for BMW building demolished at Swan and St Andrew Streets due to lack of funding source News, ABC…