Heritage refresh with plans for a luxury hotel in central Sydney
Plans have been lodged under NSW’s unsolicited bid program for an $800 million luxury hotel that would sit on two neighbouring sites.
Behind the plans are construction company Built and ASX-listed Irongate, which was created by bankers from the former Investec Australia business.
The plans are for a five or six star, 49-level hotel in central Sydney.
The first site is at 52 Phillip Street, which is already owned by the Group and currently houses a 14 storey office building.
The idea would be to cantilever over the existing heritage listed building and make it part of the new hotel.
The second site at 50 Phillip Street is currently government owned and the state government is yet to agree to the proposal, however if there is anything working in the Group’s favour, it is its record in preserving heritage buildings.
“This development represents a unique opportunity to give these buildings new life and make them accessible for locals and tourists, increasing public use and foot traffic,” Built chief executive Brett Mason said.
“Our plans for a luxury hotel mixed-use development will do this while preserving the important history of 50 Phillip Street that reflects the unique 19th-century architecture of the former NSW colony.”
The tower would be 186 metres tall and will have views of the Opera House, the top of the Sydney Harbour Bridge and Sydney Heads.
The combined development site is estimated to be 1681sq m.
The Built-Irongate project is looking for a partner to operate the luxury hotel, as part of the current stage-two application process. They have engaged CBRE Hotels to assist in finding one.
“We’ve got a list of global luxury operators lining up to take a look at it,” Mr Mason said.
“They all want to be in Sydney, but haven’t been able to find the right site.”
As required under state government rules, the final design will be decided via a design competition,
“Sometimes the incumbent architect gets it, sometimes they don’t,” Mr Mason said.
The hotel would add to Irongate’s extensive portfolio
“The development is one of the seed assets of our recently launched Templewater Australia Property Fund,” Irongate chief executive Graeme Katz said.
“TAP forms part of Irongate’s wholesale funds management platform and shows the breadth and depth of our property investment capabilities in Australia.”
19th April 2021
