Brewery Yard, Sydney
Role
Acquisition
High Profile Deal Making
Deal Structuring
Urban Renewal
Date
2018
Location
Central Park Avenue, Chippendale, Sydney, Australia
High-Profile Deal
Brewery Yard is a prime example of Garrisson's ability to source and lead unique, high-profile deals through his extensive network. Located in the acclaimed Central Park precinct in Chippendale, Sydney, a $2 billion project developed by Frasers Property Australia and Sekisui House, the Brewery Yard building is one of the main attractions and focal points of the entire precinct. Garrisson was pivotal in orchestrating the off-market deal, acquiring a 50% stake in this significant asset. His involvement showcased his strategic vision and capability to secure prime real estate opportunities.
Allied Partnership
Through this acquisition, Garrisson had the fortuity to collaborate with Dr.
Stanley Quek, the former Chairman of Frasers Property Australia and former CEO of Frasers UK. Dr. Quek,
the visionary behind the entire Central Park precinct, drove the acquisition and development as the
Chairman. Their professional synergy subsequently led to the duo forming a 50/50 investment and
development group, Multiplicity Pty Limited in 2020, laying the groundwork for future collaborative
projects, highlighting the strength and synergy of their relationship.
Brewery Yard, Sydney
Brewery Yard , Sydney - Vivid Festival
The Orchestrator
Garrisson's role in the Brewery Yard project was comprehensive and instrumental. He was the driving force behind the designs and concepts, ensuring the preservation of the heritage building while collaborating with architects, town planning authorities, and potential tenants while exploring the optimal uses and designs. Over 11 months, Garrisson meticulously structured the landholding with Fraser's lawyers to ensure its resilience for financing. His responsibilities encompassed the entire deal, from sourcing and negotiating the transaction to conducting market research, design, town planning, heritage considerations, valuations, and financing. His meticulous attention to detail and strategic execution were fundamental to the project's success, ensuring compliance with all regulatory standards and achieving a highly profitable outcome.
Brewery Yard, Sydney
Central Park Development
The Brewery Yard project was part of the larger Central Park development at 28 Broadway, Chippendale. This ambitious precinct spans 5.8 hectares on the former Carlton and United Brewery site, with over 2,200 apartments, residential, retail, and commercial spaces, student accommodation, two hotels, parklands, a world-standard tri-generation plant, and five-star green star ratings. This massive project underscores Garrisson's ability to contribute to large-scale urban developments, enhancing the area's appeal and functionality.
Brewery Yard, Sydney
Innovative Energy Solutions
A standout feature of the Central Park development is the Central Thermal Plant (CTP), a new two-level basement tri-generation plant designed to heat and cool 2,100 apartments and 50,000 square meters of offices and commercial spaces across 11 high-rise buildings. Garrisson played a key role in untangling the complexities associated with this innovative energy solution, ensuring its integration into the project. His ability to navigate such technical challenges highlights his sustainable development and strategic planning expertise.
Architectural drawings of the Brewery Yard facility include detailed plans for the exterior and interior. The plans highlight the building's industrial design, featuring multiple stories, traditional architecture, and a prominent chimney. These drawings are part of a project to preserve the historical significance of the building while adding modern functionalities.
Award-Winning Success
Brewery Yard and its architect Alex Tzannes have garnered significant recognition, winning over 19 awards, including the 2016 International Architecture Award from The Chicago Athenaeum: Museum of Architecture and Design and The European Centre for Architecture Art Design and Urban Studies, the 2016 UNESCO New Design in Heritage Contexts Cultural Heritage Conservation award, and the 2015 AIA (NSW) Lachlan Macquarie Heritage Award. These accolades underscore the project's excellence and Garrisson's role in its success, cementing his reputation as a distinguished real estate investor and developer.
Upshot
Garrisson exited the Brewery Yard investment with a highly profitable outcome, without going into development. The building, which will become the headquarters for fintech success Afterpay, was sold in 2019. Through this project, he established a strong partnership with Dr. Stanley Quek, leading to the duo forming a 50/50 joint venture development and investment vehicle. This collaboration paved the way for future projects, demonstrating Garrisson's ability to successfully envision and execute complex urban renewal initiatives. The Brewery Yard project is a testament to his expertise in heritage restoration, urban planning, and high-profile deal-making.
Architect: Tzannes Architects
Photography: John Gollings, Guy Wilkinson, Brett Board, Simon Wood
Drawings and renders: Tzannes Architects
Aerial photo: Frasers Australia