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Frasers Centrepoint’s Australian subsidiary and its partner are selling the upcoming Four Points by Sheraton hotel and office space in Sydney’s Central Park development for a total of almost AU$190 million (S$199.39 million), revealed an SGX filing on Thursday (20 April).
In line with this, Frasers Property Australia and Sekisui House Australia have signed option agreements with Impact Investment Group (IIG) regarding the sale of the properties at their joint venture Central Park project
Specifically, the 300-room hotel comes with a bar and lounge with an outdoor terrace, a restaurant, nearly 550 sq m of function space, a fitness centre and convenient parking facilities.
The deal also covers the office component of 100 Broadway, which consists of a ground floor retail space, over 5,400 sq m of commercial space, and the Greenwood Early Education Centre that can accommodate up to 90 children.
Located within the AU$2 billion (S$2.1 billion) Central Park project, both 100 Broadway and the hotel will form part of the mixed-use development DUO. Expected to be completed by mid-2018, it consists of two buildings, each with their own lobby entrances.
Designed by acclaimed UK architects, Foster + Partners, the DUO towers are just a short walk to Sydney’s central train station and bus interchange.
The development will sit above and around the refurbished Australian Hotel, a heritage-listed property that was built in 1936, forming the final piece in Central Park’s Broadway frontage. The hotel was purchased by hotelier Bruce Solomon and famous chef Matt Moran in 2016.
Meanwhile, IIG is an Australia-based impact investment funds manager that oversees more than AU$400 million in funds and an asset portfolio that includes key sites in Brisbane, Sydney and Melbourne.
This article was edited by Denise Djong.
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