A family-owned consortium has received approval for a $100 million boutique hotel in Sydney’s Chippendale.
The development is the latest in a slew of hotels proposed for Sydney, along with lifestyle brands like Ovolo, 8Hotels, Event’s QT and Accor’s Art Series chain who have attempted to “capture the flavour” of the local neighbourhoods and focusing on individual experiences.
Sydney's latest addition, located at 55-59 Regent Street in Chippendale, will act as an extension of Spice Alley at the rear of the building and will offer 119-room guest-rooms.
The property is owned by Wang Management, a Taiwanese consortium which bought the Chippendale address 25 years ago.
Wang Management, which is overseen by managing director Young Wang, operates two other hotels in Sydney, the Posh Hotel in Chippendale and the Sydney Boutique Hotel in Darlinghurst.
Plans were lodged for the Regent Street site in mid July to convert three adjoining commercial buildings into a seven-storey hotel, known as The Regent Hotel. The site sits adjacent to Fraser’s $2 billion Central Park development and is opposite Central Station.
The Place Studio-designed boutique hotel, will retain the existing facades of the old ECA Graduate Institute along and create six new ground floor retail tenancies.
“The site is perfect for a sophisticated operator to provide an exceptional Hotel and retail offering to this particular location,” Place Studio managing director James Alexander-Hatziplis told The Urban Developer.
“Located at the end of Spice Alley the proposal punctuates what is already a very successful food and beverage offering with a subtle blend of contemporary and historic architecture.”
“Internally we have proposed the retention of much of the existing building, inserting where possible a blend of new and old architectural features to pay homage to the history of the site.”
Alexander-Hatziplis said he designed the hotel with millennial guests in mind catering to the experiential demands of the “Instagram and Snapchat generation”.
It is understood Savills Australia has been appointed to market the site now approval has been granted.
Across the last year, Sydney saw a growth in the average daily rate of a hotel room to a point where it provided the highest revenue per room margin in the country at $231.
This result continued a strong half-a-decade for the NSW capital, that has seen the revenue per available room figures jump by around 6 per cent a year.