WATPAC BUILDS PORTFOLIO WITH $126M CONTRACT

WATPAC BUILDS PORTFOLIO WITH $126M CONTRACT

WATPAC Limited (ASX:WTP) has been awarded a $126 million contract to design and construct the York & George tower in Sydney.

Fife Capital appointed the Brisbane-based company to develop the mixed-use project, for its Terra Australis Property Fund.

Watpac will also complete restoration works to neighbouring heritage buildings, Spiden House and Carlton House, to maintain their integrity.

The 39-storey tower is located in the CBD and will front onto both York Street and George Street.

Watpac managing director Martin Monro says the deal is a testament to the company's experience in the luxury residential market.

"Last year Watpac delivered the $600 million award-winning Central Park precinct, including the landmark residential tower, One Central Park, and this project builds on our growing reputation for building luxury residential projects," Monro says.

"We are proud to be involved in another central Sydney project and one that is helping develop the popular George Street precinct of the CBD."

York & George is Watpac's second project in the precinct, with works underway on commercial tower 333 George Street.

Fife Capital CEO Allan Fife says the partnership with Watpac marks an important milestone in the development.

"Watpac brings the skills and experience Fife Capital is looking for to deliver this complex CBD landmark retail and residential project," Fife says.

The tower is scheduled for completion in 2018, and is expected to create up to 600 jobs throughout the duration of the project.

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