City Tattersalls Club searches for partner for Sydney CBD project
THE City Tattersalls Club will make a second bid to find a partner for its $200 million Sydney apartment and hotel development after an earlier deal with Mirvac Group failed to go ahead.
City Tattersalls Club chief executive Anthony Guilfoyle said the group aimed to appoint a developer before it received stage one approval from the City of Sydney Council by the end of the current financial year and will next week launch an expressions of interest campaign.
“We are continuing to make good progress with the project, working with the team of consultants who have helped to progress it to its present stage, and have refined the design and added 100 parking spaces to the plans,” Mr Guilfoyle said.
The project, for the airspace above 194-200 Pitt Street, includes a 100-room hotel and 30 floors of apartments.
Mirvac and City Tatts parted ways in October.
The South African-backed owner of David Jones, Woolworths, could make a play for the development rights along with Stockland and other major groups, analysts said.
The City Tatts property shares a boundary with David Jones’s Market Street property and a combined site could accommodate about 40,000sq m of retail space and several apartment or office towers. Stockland jointly owns the nearby Piccadilly Complex with Investa Office Fund.
Colliers International director Jon Chomley, who is handling the campaign, said interest was strong. “Spurred on by continuing low interest rates and intense competition from local and foreign buyers, residential property in the Sydney CBD has experienced significant value growth,” Mr Chomley said.
Source: The Australian - 3 December 2014
