One of Australia’s leading property investment groups,
Cromwell Property Group, has put forward plans for a $130 million refurbishment of Sydney’s iconic Northpoint Tower.
Cromwell and developer
Toga Group, have submitted a development application and design concept for a four-star, 180-plus room boutique hotel that will be situated on the northern end of the site, behind the landmark tower.
The development, The Vibe Hotel North Sydney, will include a sophisticated rooftop bar, a major anchor for retail tenancy, specialty stores and a bar and restaurant that will link to the office tower.
Cromwell Chief Executive Officer, Paul Weightman said that the new hotel would give the area a facelift.
“There are so few places in the area for visitors to stay,” Mr Weightman said.
Cromwell is also negotiating with a major retail operator for a concept store to anchor the retail level of the development.
According to Cromwell, the incorporation of these elements within the development is expected to significantly contribute to the Council’s vision for the activation of the North Sydney CBD, making it a destination for after-hours events and retail with extended trading hours.
“The Northpoint Tower redevelopment will help reactivate the North Sydney Business District, encouraging great investment in the area and greater engagement with the local community,” Mr. Weightman said.
Determination of the application is anticipated from Council and the Joint Regional Planning Panel in May 2015, after which construction is scheduled to commence.
Construction is expected to take about two years with completion expected in 2017.
The widely recognised commercial tower, originally constructed in 1977, and most recently refurbished in 1997 was purchased by Cromwell in 2013 for a whopping $278.7 million as a foundation asset for a wholesale trust owned by both Cromwell and South African property investment group