Recent Sydney Cityscope records indicate the continuing strength of the commercial property market with 81 sales being recorded for the last quarter to August 2019 with a total value of $5.7 billion. Joining this market will be 4-6 Bligh Street through Michael Simpson, Vasso Zographou and Ben Azar of Savills and Sam McVay and Dan McVay of McVay Real Estate.
What is being offered is the 100% freehold interest in the yet to be completed hotel and commercial development that will be delivered by the developer, Singapore-based SC Capital. SCCP is an employee-owned firm with a team of investment professionals based in Singapore, Hong Kong, Bangkok, Tokyo, Shanghai and Vietnam; it is led by led by Chairman, Suchad Chiaranussati.
The development, designed by Woods Bagot, is still before NSW planning. It will be a 55-storey mixed-use building comprising a 5-star hotel, 5,800 sqm of A-grade commercial and retail space. It will comprise a 10 storey podium with a hotel entrance lobby, commercial lobby, food and beverage facilities, commercial offices and meeting/conference rooms; topped by thirty-seven storeys of hotel with 440 rooms; plus four levels above with a hotel club lounge, function space, restaurant, bar and a public accessibly landscaped terrace. The estimated cost of the build is $700 to $750 million.
The hotel will be Sydney’s first luxury hotel in 20 years and its enviable location will include close proximity to Circular Quay, the Botanic Gardens and NSW Parliament House.