The proposed 59 level tower at 4-6 Bligh Street will represent the first five-star hotel in the Sydney Core CBD in two decades.
Savills Hotels' Michael Simpson, Vasso Zographou and Ben Azar and McVay Real Estate’s Sam McVay and Dan McVay have been appointed to handle the international expressions-of-interest campaign.
Mr Simpson said the mixed-use nature of the development will create strong competition among prospective buyers.
“Mixed-use projects are favoured by investors and end-users for the diversity of income streams they provide and the enhanced upside potential. They are very popular in Asia, and we’re looking to promote that ‘work, stay, play’ mentality here,” said Mr Simpson.
Mr Sam McVay said “Uniquely, 4-6 Bligh Street is offered to market unencumbered by a hotel management agreement, enabling complete flexibility for a purchaser to appoint their operator of choice or for an owner-operator to acquire a landmark asset in Sydney’s tightly held Sydney CBD Financial Core,” he said.
Mr Zographou said lifestyle hotels were growing increasingly popular among investors. “These hotels are generating better profitability and revenue per available room. As a global gateway city, Sydney is extremely undersupplied for lifestyle hotels. There have been virtually no luxury lifestyle hotels introduced in the past decade, despite global demand from investor capital and guests.”
Mr Dan McVay said, “This is a spectacular project. From the perfectly positioned office in Australia’s tightest market, through to the five-star hotel with destination rooftop bar showcasing picturesque views of Sydney’s world famous harbour out to The Heads. This offering will have wide appeal.”
The proposed luxury lifestyle hotel is to comprise 421 well-appointed rooms and suites, meeting and conference facilities, unique “sky-level” food and beverage offerings, co-working space, an exclusive rooftop bar; complemented by 5,810sq m of A Grade office accommodation (NLA).
4-6 Bligh Street is ideally located to benefit from its immediate proximity to each of Sydney’s most important transport modes. Billions of dollars are being spent upgrading and extending Sydney’s transport networks, including the $2.1bn light rail project, $12.5bn Metro City and Southwest rail project, Circular Quay wharves renewal, and $5.3bn Nancy-Bird Walton Airport located at Badgerys Creek which will represent Sydney’s second international and domestic airport
The method of sale will be via an international Expressions of Interest (EOI) campaign and interested parties are invited to submit an EOI to the Exclusive Agents by 5pm AEDT 25 October 2019.