Citta Property Group purchased in a Joint Venture with the Barana Group and Babcock & Brown, the Royal Edwardian Victualling Yard (REVY) buildings in Pyrmont from the Commonwealth Department of Defence in July 2003.
The REVY Buildings are a group of three heritage buildings which were all previously occupied by the Department of Defence.
In September 2003 Channel 7 signed a 16 year lease for two of the buildings as their new headquarters. The Department of Defence has maintained a 4 year lease on the third building which is due to expire in 2008.
There is significant residential and commercial development progressing in the Pyrmont area, particularly at Jones Bay Wharf and Darling Island. The owners are considering progressively redeveloping the buildings as the leases expire.