Singapore-based SC Capital is selling its inner Sydney development site with plans for a $700 million mixed-use tower and hotel development within Sydney's prime financial precinct.
The proposed development, at 4-6 Bligh Street, incorporates an A-grade office building and 5-Star lifestyle hotel, which would be the first new five-star hotel in Sydney’s core CBD in twenty years,
The site, which is currently occupied by a 17-level office building, will hit the market this month.
Savills Australia’s Michael Simpson, Vasso Zographou and Ben Azar and McVay Real Estate’s Sam McVay and Dan McVay have been appointed to handle the international expressions-of-interest campaign on the 100 per cent freehold asset.
“Uniquely, 4-6 Bligh Street is offered to market unencumbered by a hotel management agreement, enabling complete flexibility for a purchaser to appoint their operator of choice or for an owner-operator to acquire a landmark asset in Sydney’s tightly-held Sydney CBD financial core,” McVay said.
Zographou said Sydney is extremely undersupplied for lifestyle hotels.
“There have been virtually no luxury lifestyle hotels introduced in the past decade, despite global demand from investor capital and guests.”
The Greater Sydney Commission’s planning review is due at the end of this month a move announced by premier Gladys Berejiklian, and follows the rejection of the 66-storey luxury tower above the Star Casino in Pyrmont, blocked in July.
Design firm Woods Bagot won the architectural design competition held by investment group SC Capital earlier this year.
Plans for the 59 level tower comprise a 421 room hotel, meeting and conference facilities, co-working space, a rooftop bar; and a 5,810 sq m of A-Grade office accommodation (NLA).
The international expressions of interest campaign closes 25 October.