Bold plans for Sydney’s Tattersalls project

Chinese-backed ICD Property and Melbourne-based Sinclair Brook were awarded the development rights to the project in May, with a new tower to top the City Tatts headquarters on Pitt Street.

Mirvac Group was initially chosen to develop the site last year, but that deal did not go ahead.

The new designs, from architect Elenberg Fraser, include 267 apartments and 106 hotel rooms.

Mirvac’s design had fewer than 250 apartments and 100 hotel rooms.

Elenberg Fraser have greened the project — with a proposed height of 133m to 168m — adding plants to the exterior. It also has shops and a gym. The design includes three levels of basement car parking.

The project will be the first in Sydney for both ICD and Sinclair Brook, having worked together in Melbourne.

ICD Property managing director Michael Mai said in May that the company’s move into Sydney would help it pursue ambitious growth plans, with aims of more than $2 billion development pipeline by 2017.

The group has a funding relationship with major Chinese developer Sino-Ocean Land, and aims to bring them in as a capital partner on the project.

ICD was established in 2009 and is held in a trust owned by Mai’s family, which is largely funded by his father, Boliang Mai, the chief executive and chairman of Hong Kong-listed CIMC, which manufactures and distributes transport equipment.

The city project will add to a host of development in the city by Chinese-backed groups.

Dalian Wanda Group is planning a luxury apartment and hotel project on the site of Gold Fields House in Sydney’s Circular Quay, while Visionary Investment Group plans a $1bn-plus project on its holdings at 338 Pitt Street and 233 Castlereagh Street.

Source: The Australian, Greg Brown, 12^th September 2015
Originally published as: Bold plans for Sydney’s Tattersalls project