An ambitious development proposal for a 43-storey apartment and hotel tower on George Street has been lodged by ASX-listed hospitality giant Event Hospitality and Entertainment.
The ultra-slim $225 million apartment and hotel tower will neighbour Mirvac and Coombes’ approved 80-storey skyscraper above the existing Event Cinemas complex.
Event has proposed the demolition of the existing building on the site, which bridges Kent Street to George in Sydney’s CBD, and the construction of a 150-metre tower with 12 levels of residential, 22 hotel levels and a new cinema and retail facilities in the ground floor and podium levels.
The hotel lobby will front Kent Street, while 525 George Street — which is currently integrated with the Events Cinema complex — is set to be redeveloped into a retail podium, with a new cinema complex lobby. A residential entry will open onto Albion Place, the application said.
The listed group has tapped Sydney’s Candalepas Architects to submit a concept design and provide feasibility advice for the 1,858sq m site. A design competition, with a minimum of three architecture firms, will follow council endorsement of the proposal.
The listed entertainment and hospitality operator, which has a $2 billion property portfolio, has said it will focus on property development in the medium term.
At its half-yearly results, Event chief executive Jane Hastings said the group was making good progress on major developments with plans to submit a stage one development application for 458-472 George Street in Sydney by mid year.
The group acquired the 458-472 George Street site in 2017 for $117 million.
The group is also keen to expand its QT hotel brand, signing management deals in Perth, Auckland and for a recently-approved 200-room QT hotel in Adelaide.
In an address to shareholders last year, Hastings said that the development at 458-472 George Street will include a QT hotel and a commercial tower set to be developed in a joint venture arrangement.
If approved, the 525 George Street tower will abut Mirvac and Coombes Property Group’s $1 billion skyscraper at 505-523 George Street, which, at 270 metres, secured approval for additional height above the city’s 150-metre limit in 2014.
German firm Ingenhoven and Architectus won the design competition for the 270-metre tower in mid-2018. A second stage development application is due to be submitted to the City of Sydney later this year.
Event’s $225 million proposal for 525 George Street is on public exhibition until 24 August.