Sydney CBD site for luxurious residential development

A fresh round of asset sales worth more than $370 million have been earmarked in the lead-up to the end of the financial year.

Residential conversions and redevelopments are also being pursued to chase the cash in the market that is seeking out higher yielding investments.

The latest sale is at 182 Elizabeth Street, Sydney which is currently leased to the Vibe Hotel, but has the potential for a residential conversion with more than 200 apartments.

It is expected to interest a wide range of local and overseas developers and marks the next wave of residential conversions in Sydney's CBD.

The freestanding site, currently home to the Vibe Hotel, at 182 Elizabeth Street.

No sale price was disclosed, but similar properties, such as 130 Elizabeth Street, was sold recently for $121 million to developer Ecove/China Aoyuan, while Hong Kong-listed Shimao Property Holdings and its chairman Hui Wing Mau bought 175 Liverpool Street for about $390 million.

The property at 182 Elizabeth Street has more than 17,000 square metres of gross floor area including the ability to deliver about 1685 sq m of retail space and is being sold by John Bowie Wilson and Tim Holtsbaum of Knight Frank and James Aroney and Mark Durran of JLL, on behalf of vendor Toga Far East Hotels (TFEH).

Source: Sydney Morning Herald    Carolyn Cummins  May 19th 2015