Dexus Property Group and Perth billionaire Stan Perron have received approval from the City of Sydney for a hotel project with an estimated cost of $426 million at 201-217 Elizabeth Street in Sydney’s CBD.
A permit has been granted for a 50-storey mixed-use building providing hotel, retail and residential uses, with basement parking and a pedestrian connection to Museum Station and potential connection to the future Pitt Street North Metro Station.
The approval, which has been a year in the making, is contingent upon a competitive design process which must be conducted prior to the lodgement of a second development application. Other conditions including a public art strategy are required.
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The location is on the edge of Hyde Park where a number of high-end unit towers have been attracted to the mid-town location in recent years.
Ten new projects will surround the park with up to 10,000 new apartments and hotel rooms coming to market accompanied by concerns over the slow-down in sales to overseas buyers. Many of the existing office buildings are being targeted by developers for mixed-use residential or hotel projects with views over the park and towards Sydney Harbour.
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The proposed King and Phillip residences is a $320 million residential development at 148-160 King Street being developed by The Galileo Group and designed by FJMT.
Singapore’s Far East Organisation acquired the former Consolidated Press site on Elizabeth Street and Shimao from Hong Kong bought 175 Liverpool Street, both for eventual redevelopment.
Just last week, residential developer Citystate Property received approval for an 18-storey CBD hotel at 98-104 Goulburn Street after failing to receive a permit for three development proposals.