The Australian Financial Review

A collection of heritage buildings on Sydney's Pyrmont peninsula has been sold to a consortium involving Babcock & Brown, Citta Property Group and Barana Group in a deal valued at up to $30 million.

The buildings, known as the Revy properties, were recently offered for sale by the Department of Defence as part of its ongoing property disposal program.

The buildings will be offered for lease as boutique office space to capitalise on Pyrmont's evolution as a major commerical hub

Developers have demonstrated a growing interest in the commercial potential of Pyrmont as tenants seek out cheaper accommodation on the fringe of the Sydney CBD.