Singapore-listed First Sponsor will join forces with ICD Property on the redevelopment of the almost 125-year-old City Tattersall club, signalling the group’s first Australian project.
First Sponsor, which operates across China, the Netherlands and Germany in property development and financing, will make an equity investment into the redevelopment of the Sydney CBD project alongside the Tattersall club and ICD Property.
City of Sydney gave approval to ICD Property for the first stage on its concept development application of the City Tattersalls Club site earlier this month.
The approval allows for plans to rejuvenate the entire clubhouse, including retail, restaurants, along with plans for a 49-storey tower above the club.
Along with providing equity partnership alongside its investor consortium, First Sponsor will act as the sole construction financier, providing funding for the project’s delivery.
ICD deputy managing director Sal Quah said the partnership was a “testament” to ICD’s vision for the City Tattersalls Club redevelopment.
“Receiving construction funding from First Sponsor will allow for a more efficient and streamlined process with works on the City Tattersalls Club earmarked to commence following stage 2 approval,” Quah said.
Melbourne-based ICD secured financial backing from development financier MaxCap and global finance conglomerate Goldman Sachs earlier this year for its $440 million Melbourne project on King Street.
ICD Property and the City Tattersalls Club submitted the application for its $200 million project last year, following a rejection of an earlier proposal at the 194-204 Pitt Street Sydney address.
ICD says submission of a stage two development application will follow the planned design competition with City of Sydney next year.
CBRE director of debt and structured finance Bradley Duff brokered the deal.