A proposed new high quality hotel and residential building is earmarked for the heritage site.
iProsperity Group has partnered with China based institutional fund manager, Bridge Capital, to acquire the 333 Kent Street office tower for the symbolic price of $88,888,888 million dollars from Maville Bay Pty Ltd.
The DA approved site is earmarked by iProsperity for a high end hotel and residential building that will capitalise on the sweeping views across Darling Harbour.
333 Kent Street is situated in the heart of Sydney’s booming Western Corridor and will benefit from the completion of Barangaroo and the International Convention Centre.
Vince Kernahan of Colliers International Said
“The International Expressions of Interest Campaign attracted 9 offers and exceeded the owner’s expectations on market interest. Interested parties were predominantly residential and hotel developers with two groups looking to landbank the building.
What became evident throughout the campaign is that the rate per square metre of GFA residential stabilised, hotel GFA rates increased substantially and commercial GFA albeit off a low base is on an upward trend, due in part to the market and councils proposed LEP changes.”
The office tower which is centrally positioned close to the corner of King Street, will benefit from the linkage between Wynyard and Barangaroo, while also providing easy access to Town Hall, Circular Quay, Martin Place and Darling Harbour.
Gus Moors of Colliers International said
“Sydney’s hotel sector is arguably the best performing in the Asia Pacific region, given the strong trading fundamentals and benign supply pipeline, combined with the opening of the International Convention Centre and development of Barangaroo driving further tourism into the city. 333 Kent Street is ideally placed to capitalise on these factors”.
The 333 Kent Street has a Stage 1 Development Approval as well as a design competition awarded to Lahznimmo Architects. The property will retain its impressive heritage arch way façade as part of the ultimate redevelopment scheme.
iProsperity Director Mr Deep Kotak said “333 Kent Street meets the objectives of our investment mandate in that it provides our investors and joint venture partner with exposure to a well located asset that is DA approved with redevelopment upside in Australia’s most attractive investment market. We look forward to delivering on our vision for the site and providing a superior return to investors.”
Sydney based funds management group iProsperity offers a range of investment solutions to predominantly offshore private, SIV and institutional investors across multiple investment sectors such as bonds, real estate and venture capital.
The transaction was brokered by Vince Kernahan, Gus Moors, Guillaume Volz, Raymond Tran and Tom O’Neill, of Colliers International.