A new hotel and apartment complex with views of Barangaroo and Darling Harbour will be built in the Sydney CBD by 2019.
The mixed-use development project comprise 160 hotel rooms and suites plus 95 luxury residences above the hotel, on the corner of Sussex and Bathurst streets.
The residential properties will be one, two and three-bedroom apartments built above a podium level that will have a pool and gymnasium.
Smart Design Studio is the architect for the project.
An artist’s impression of the proposed Crowne Plaza and apartment complex in Sydney. Image: Smart Design Studio
The Australian subsidiary of the Chinese-owned Beijing Capital Development Holdings, Ausbao, heads the development in a deal with InterContinental Hotels Group, brokered by the Colliers International hotels team of Gus Moors and Raymond Tran.
BCDH, which has previously managed the development of The Quay in Haymarket and the Radisson Suites on Liverpool Street, bought the 1337-square-metre site in December 2013 for $55 million.
Artist’s impression of project. Image: smartdesignstudio.com
Mr Tran said the new Crowne Plaza would be the flagship of BCDH’s Sydney portfolio.
“We are seeing an emergence of Asian developers addressing the undersupply of hotel rooms within the Sydney CBD,” Mr Tran said.
“There is still a long way to go with Sydney’s current supply of approximately 18,000 hotel rooms.
“Sydney lags behind Melbourne in supply, which boasts 19,000 rooms with 6000 more in the development pipeline.”