Chinese Company Submits $500M Sydney CBD Project Proposal

In a move which indicates continuing investment interest from Chinese companies, China’s Han’s Holdings lodged an application for a mixed use development worth nearly $500 million with one of the tallest buildings in Sydney's CBD.

According to the The Australian, the proposed development will be built on a massive envelope comprising six blocks in the city centre - 241-243 Castlereagh Street, 245-247 Castlereagh Street, 249-253 Castlereagh Street, 126 Liverpool Street, 332-336 Pitt Street, and 338-348 Pitt Street.

These sites were earlier bought by Visionary Investment Group, with VIG CEO Michael Guo also buying up at least eight blocks worth about $490m in the Sydney CBD over the past two years.

Han's lodged the application with development manager Touchstone Partners, with aims to build a landmark tower that could provide hundreds of apartments and breach Sydney's current building height restrictions.

However, despite Sydney's current height restriction of 235m, this may not stop the venture as the City of Sydney’s new 20-year commercial buildings planning strategy could be amended to potentially allow buildings to reach to 310m.

The Australian 

said Han’s is proposing to spend $498m to build a 67-storey mixed use development on the site, which, depending on the approval outcome, may potentially reach 240m and surpass the proposed 235m, 66-storey Greenland ­Centre apartment project on Bathurst Street.

The development, which is referred to as 338 Pitt Street, has proposed spaces comprising 6025 square metres of retail, 8873 square metres of commercial, 10,364 square metres of hotel and a four-level basement carpark. The residential component will have a gross floor area of 85,075 square metres across 58 storeys.

Han’s Holdings asset portfolio reaches up to $4.3 billion, and the company has developed projects including apartments, hotels, malls and office buildings across China, and operates hotels in Switzerland and New York.