A vacant four-storey building in Sydney’s CBD has sold for $70.5 million.

In a sale arranged by John Bowie-Wilson, Dominic Ong and Tim Holtsbaum of Knight Frank, 9 - 25 Commonwealth Street, Sydney has been sold as a development site to a Chinese group backed by China Wu Yi Co. China Wu Yi Co, part of the Fujian Construction Engineering group, is one of the largest in the international field of construction and engineering. Their projects include infrastructure, airports, hospitals and residential complexes.

Although currently occupied by a vacant building the property has approval for a mixed-use development with 132 hotel rooms, 52 residential units, ground floor retail and four levels of basement car parking for 45 cars. The block has a site area of 783 sqm and is in the sought after Hyde Park precinct.

The property last traded at just over $45 million in 2014 when it was bought by ATF CTH Pty Ltd, another China based company.