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News release

Sydney

Sydney CBD site prepares for luxurious residential development

The Sydney CBD landscape continues to entice developers and investors as a rare island site offering potential for residential development hits the market.


​The Sydney CBD landscape continues to entice developers and investors as a rare island site offering potential for residential development hits the market.

The freestanding site, currently home to The Vibe Hotel at 182 Elizabeth Street, has the opportunity to develop OVER 200 apartments with over 17,000 sqm of gross floor area including the ability to deliver approximately 1,685sqm of prominent  retail space in the Sydney market.

For sale through 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) the north facing corner property is situated on a unique island city block with prominent frontages to Elizabeth and Goulburn Streets, and the currently operational Vibe hotel offers 191 rooms with strong trading figures.

According to Knight Frank's Senior Director, City Sales & Capital Markets, John Bowie Wilson "The residential and mixed use development potential of 182 Elizabeth Street is undeniable.

"We expect strong demand from domestic and offshore developers and investors looking for a unique land bank offering with holding income in the CBD" he said.  It is the cleanest site offering in the CBD for many years" Mr Bowie Wilson said.

Mark Durran, Managing Director of JLLs Hotel Investment Group commented that The Vibe Hotel generates substantial cash flow and is available with ongoing management or flexible leaseback arrangements.

JLL's Director, Sales and Investments, NSW, James Aroney, believes the property's appeal to Residential Developers will be greatly enhanced not only for its key physical and locational attributes but due to the flexibility it offers in terms of the availability of vacant possession which is exceptionally rare in the Sydney CBD.

The property is within walking distance to Hyde Park, major public transport links in Central Station and city bus networks, as well as iconic retail destinations including World Square and Pitt Street Mall. There is also a plethora of casual and fine dining destinations throughout the city and entertainment venues such as China Town and Darling Harbour. Within close proximity to the property is the former Griffiths Tea building which was recently sold to Cornerstone properties and is being transformed into luxury New York style Warehouse apartments.  Other significant future residential development sites recently traded within the surrounding area include 130 Elizabeth Street (Ecove/China Aoyuan), 175 Liverpool Street (Shimao) and 75 Elizabeth Street (Kingold) all of which have achieved prices between $6,000/sqm and $8,000/sqm of potential GFA.

182 Elizabeth Street Sydney is for sale through Knight Frank and JLL via an International Expressions of Interest campaign, closing on Thursday 2nd July 2015.

For further information, please contact:

James Aroney, JLL National Director, Capital Markets, Sales and Investments NSW: +61 408 245 554

Mark Durran, JLL Managing Director, Hotels & Hospitality Group - Australasia +61 412 248 243

John Bowie Wilson, Knight Frank Senior Director, City Sales/ Capital Markets +61 423 000 882

Tim Holtsbaum, Knight Frank Director, Residential Site Sales/ Capital Markets +61 498 999 059