Rebel Sydney development up for grabs at $110m
An approved development for a new 252-room hotel, in addition to retail space over four levels in the centre of the Sydney CBD has been placed on the market with expectations of reaping more than $110 million.
In the midst of a construction boom in Sydney – where there is about $8 billion worth of new real estate projects being developed between now and 2025 – the appetite for such key developments has never been stronger.
Rebel Property Group managing director Allen Linz has appointed Knight Frank’s John Bowie Wilson, Jonathan Vaughan, Dominic Ong, and Tim Holtsbaum to sell the adjoining properties at 371-375 Pitt Street and 116-120 Liverpool Street.
Mr Bowie Wilson said the properties were a rare opportunity to consolidate the two titles, and utilise unused floor space ratio from the Liverpool Street property.
“Sydney CBD is evolving with an unprecedented amount of infrastructure, large-scale developments, and emerging precincts proposed or underway. As such we are experiencing strong market appetite, and opportunities for commercial real estate in the area remain excellent.”
Recent sales include the $90 million sale of a12-storey office tower at 299 Elizabeth Street, which the Knight Frank team sold on behalf of Chinese investors Xinhua Zhong and Jingru Lin.
Other deals include the nearby 9-25 Commonwealth Street, which sold for $70.5 million to interests associated with China Wu Yi. That site will be one of their first development projects in Sydney.
The Pitt and Liverpool sites will be sold via an expressions of interest campaign closing March 15.
