CIMIC Group company CPB Contractors has been confirmed as the builder of the first build-to-rent residential tower to be constructed in Sydney’s central business district, over Sydney Metro’s new Pitt Street Station.

The design and construct contract for the tower was awarded by Pitt Street Developer South Pty Ltd and will generate revenue of approximately $150 million to CPB Contractors. Work on the station above which this tower will be built is already underway, with the NSW Government having awarded the $463 million station contract to CPB Contractors in 2019.

CIMIC Group Executive Chairman and Chief Executive Officer Juan Santamaria said: “As well as building Sydney Metro’s Pitt Street Station, CPB Contractors is delivering the design and construction of this high-rise tower above the station, working collaboratively with our clients at every stage. This project brings together the global and in-market development experience of Oxford and Investa with CPB’s 50 years of building experience to provide a residential project that is seamlessly integrated with the metro.”

CPB Contractors Managing Director Jason Spears said: “CPB Contractors is proud to be working closely with Oxford and Investa to deliver this major project in Sydney’s CBD. This is a high-profile addition to the building projects that CPB Contractors is already delivering across Australia in the defence, health and social infrastructure sectors.”

The 39-storey building, with 234 build-to-rent apartments, will be retained by Oxford and Investa, who will offer the apartments to the rental market. It is being built over the southern entrance to the Pitt Street Station. Facilities include a wellness floor, rooftop terrace and connections to retail space.

Work on the tower will commence this year and is scheduled to be completed in 2023.