Australia's largest private developer has bought Sydney's IMAX Theatre

Australia’s largest private developer, Grocon, has officially claimed full ownership of Sydney’s iconic IMAX Theatre after buying Markham’s share of the site for $70 million.

The IMAX Theatre currently occupies a prime position on Sydney’s Darling Harbour precinct next to Commonwealth Bank headquarters with plans by Grocon to transform the site into an $800 million building complex housing more than 6,000 personnel.

This would add to the $40 billion of major projects already underway in Sydney’s CBD such as James Packer’s Barangaroo and rebuilding of the Sydney Convention Centre.

Back in 2013, the state-of-the-art building complex dubbed “The Ribbon” reminiscent of London’s The Shard with its state-of-the-art glass facade was already being flagged as the potential future home for Google’s headquarters in Australia who had reportedly “looked hard at the site”.

But as Sydney welcomes a growing host of tech giants such as Amazon, Twitter and Apple who are all leasing office space in the CBD, the site could be a hotbed for anchor tenants.

To add to the mix, The Australian reports that “Commonwealth Bank, American Express and tech company Atlassian are among those running a ruler over the project” with NBNCo “rumoured to be in the market for up to 25,000 sqm”.

“This truly is one of the most iconic sites in Sydney and we’re passionate about a redevelopment of it to ensure that its potential is realised,” Grocon chief executive Carolyn Viney told Fairfax.

“The building design we’ve come up with is of itself hugely exciting and when we put that together with the significance of the location, we think we can do something really, really special.”

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