$900 Million Pyrmont Development Gets Green Light Near Sydney CBD

A landmark $900 million mixed-use tower has secured planning approval in Pyrmont, with City of Sydney councillors voting late Friday to approve Granville Group’s bold proposal for a 45-storey residential and commercial complex at 120-130 Pyrmont Street, less than 2km from Town Hall.

Pyrmont Set for Dramatic Change

The approval arrives at a decisive moment for central Sydney, where skyrocketing demand for homes and short supply of developable land have put enormous pressure on both buyers and renters. Pyrmont, once an industrial hub, now straddles the demands of rapid population growth with heritage concerns. Competition for premium city-fringe sites has been intense—a dynamic seen recently with Mirvac’s $2 billion Harbourside Shopping Centre redevelopment, just across Darling Drive from the new tower’s site.

Granville Group’s project—dubbed The Link—will feature 470 apartments, a 180-suite boutique hotel, and over 14,000 square metres of retail and office space. The site, currently occupied by a cluster of dated warehouse buildings, will be transformed into a pedestrian-friendly precinct, including a landscaped plaza and new laneways connecting to Union Street and the light rail at Pyrmont Bay.

Surging Demand, Limited Supply

The development comes amid persistently high buyer demand and a statewide shortage of new listings. Data from CoreLogic puts median apartment prices in Pyrmont at $1.235 million in June, up more than eight percent year-on-year, while overall vacancy in the inner-city band remains below 2.1%, according to Domain’s last quarterly report. The project’s approval follows close on the heels of Infrastructure NSW’s release, which flagged Pyrmont-Ultimo as a priority precinct for delivering new residences and employment opportunities through high-density transit-oriented projects.

Once construction is underway—scheduled to begin as early as October—the Link is expected to deliver more than 900 construction jobs and inject fresh energy into the peninsula’s already bustling dining and entertainment scene, anchored by The Star Sydney casino across the street and the heritage-listed Pyrmont Bridge a short walk east.

Locals should expect increased construction traffic along Harris Street and shorter-term changes to public access routes during major works, which the city says will be phased to minimise disruption. Sales campaigns are slated to launch by early 2027. Prospective buyers and investors eyeing the city fringe may want to monitor The Link’s progress: with Sydney’s housing crunch showing few signs of easing, new supply in tightly held areas like Pyrmont continues to generate brisk early interest and set new price benchmarks.