A development approved site in Sydney’s CBD has hit the market with a permit in place for a 17-storey retail and hotel development.
The 455sq m site at 750 George Street could realise $40 million for its Hong Kong-based owner who secured the site in 2014.
The approval allows for 123 hotel rooms and 687sq m of premium George Street retail space.
The listing joins an amalgamated development site which also hit the market this week, located on the corner of George Street and Goulburn Streets, with development approval for a 40-storey tower.
Owner KGH, led by Pierre Wakim and Mario Khaicy, hope to fetch $130 million for the 1,225sq m Sydney CBD site.
CBRE’s Nicholas Heaton, Gemma Isgro, Nick Wheatley and Andrew Jackson have been appointed as agents on the sale process in conjunction with Knight Frank’s John Bowie Wilson & Dominic Ong on 750 George Street.
“The wealth of amenity surrounding the building will be enhanced over the coming years with the competition of over $18 billion of government infrastructure,” CBRE’s Nicholas Heaton said.
The 750 George Street asset is being offered by expressions of interest closing 7 August.