A Singaporean developer is planning to demolish The Rocks Clocktower Square building to extend its hotel as confidence in the Sydney accommodation sector skyrockets.
One of Asia’s largest real estate groups, Far East Orchard, is behind the 206-room hotel plans that would eventually connect to the existing Rendezvous Hotel.
The application came as Sydney recorded RevPAR growth of 38 per cent compared to the same year-to-date period last year in the Horwath HTL outlook report.
Far East Rocks Pty Ltd is the long-term leaseholder of the land, which is owned by Placemaking NSW, who secured the site in 2013. With the existing hotel, they have created a 3599sq m combined site.
The Singapore-based Far East Orchard, along with sister company Sino Group, has produced more than 780 developments across multiple real estate sectors.
After two years of discussions, Far East Orchard released the plans by FJMT Studio for the site. Those plans for the site at 35-75 Harrington Street are now on exhibition.
Plans include demolishing the clocktower building and constructing an eight-storey hotel with two levels of retail and commercial space, five levels of hotel accommodation and a rooftop space.
There would also be through-site links and three new public spaces at a total capital investment value of $85 million.
“The existing building relates very poorly to the surrounding context, is limited in commercial functionality, has limited pedestrian connectivity, and offers limited street activation,” the planning report by Urbis said.
“Without appropriate, co-ordinated action or redevelopment this will limit the competitiveness of the current commercial offer, and restrict the achievement of strategic objectives, including enhancing the tourism offer in The Rocks.”
The Greater Sydney Region Plan emphasised enhancing tourism and urban renewal opportunities close to transport hubs.
It also promoted higher-density developments and tourism in central commercial core areas such as The Rocks.
There has been a lot of movement in the hotel sector in Sydney in recent months including the Anson Group moving ahead with its 318-room plans in Haymarket.
As well, the Royal Pacific Hotel on Sydney’s Lower North Shore was listed this week, offering a 3092sqm freehold land parcel, 64 guest rooms and a bistro.
