Elizabeth Street tower in Sydney sold for $90 million299 Elizabeth Street had been on the market since last November but was sold to a private investor this week. Photo: Supplied

Elizabeth Street tower in Sydney sold for $90 million

Sydney-based Chinese investors Xinhua Zhong and Jingru Lin have sold the 12-storey office tower at 299 Elizabeth Street in the Sydney CBD for $90 million.

Zhong and Lin bought the building from the Burcher Property Group in 2014 for $45 million, doubling their money in about four years.

The property has been on the market since last November but sold privately without an agent to a private investor this week.

The 5974 square metre corner property has an estimated fully leased net rental income of $3.77 million and a weighted average lease expiry of 3.2 years.

It is understood the property, opposite Hyde Park, will be held as an investment but it has strong residential redevelopment potential.

The property is in what will be a new “apartment/hotel precinct” bounded by the southern CBD streets of Bathurst, Elizabeth, Castlereagh, Pitt and Liverpool.

A block away, Hong Kong-listed developer Aoyuan Property Group and local group Ecove are building the 38-storey ONE30 Hyde Park apartment tower.

And another block from there, Chinese private equity group Shanghai United launched its hotel and apartment project last year which will include Castle Residences apartments as well as a new $120 million five-star new-build luxury boutique MGallery by Sofitel hotel.

The skyline on the same side of the CBD will be further lifted by China’s Han’s Group, which has received stage one approval to proceed with its $1.5 billion mixed-use redevelopment including a 66-storey, 700-unit tower at 338 Pitt Street.

Chinese developer Greenland’s Greenland Centre apartment tower on Bathurst and Pitt streets completes the collection of new hotel/apartment projects in the area.

Prolific investors Zhong and Lin also own the Big Bear Shopping Centre in Neutral Bay, on Sydney’s lower north shore, through their investmen

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