Hong-Kong based owners of Maville Bay Pty Ltd has sold their CBD office building for the lucky amount of $88,888,888.
The mainly Hong Kong-based owners of 333 Kent Street, Sydney, are hoping good fortune will smile on them with the recent purchase of their CBD office building. Similarly to the sale of Computershare’s Abbotsford headquarters, where a Chinese developer paid $88,888,888 for the 16,000-sqm office and warehouse building, Maville Bay Pty Ltd has received the same lucky amount from developer and institutional fund manager, Bridge Capital, and its financial advisory firm partner, IProsperity Group.
The building was sold with development approval for a 24-level hotel and residential apartment tower, with a gross floor area allowing 179 hotel rooms and 69 residential apartments, a high GFA no longer available due to changes to the Central Sydney Planning Strategy. The building’s location also makes it an attractive proposition, with its close proximity to Barangaroo, Darling Harbour and Wynyard Railway Station.
The new owners’ plans, apparently, include the eventual development of a high-end hotel and residential apartment building. Any plan for the site will include retaining the facade of the former Tucker and Co warehouse on the site, which was built circa 1870 and which was retained and incorporated into the building when it was re-built in 1985.
The building last traded at $47.75 million in April 2012.