Sir Stamford set for stirring redevelopment in the heart of Sydney
The Sir Stamford Circular Quay hotel on Macquarie Street in Sydney has been bought by JDH Capital for $210.5 million.
Investment firm JDH is behind the redevelopment of Sydney’s Sirius building and its plans for the 10-storey Sir Stamford hotel include a 380 million luxury apartment development.
“It’s another opportunity in a key location for a luxury residential project that will capitalise on the Macquarie Street location and the views,” development director at JDH Capital John Green told The Australian Financial Review.
“It’s a great site for a great project.”
The site is near to the Sydney Opera House and opposite the Royal Botanical Gardens.
The acquisition is JDH’s third luxury residential development and comes via an exercisable option agreement with Singapore property tycoon CK Ow’s SGX-listed Stamford Land Corporation.
JDH is also currently redeveloping the former Vibe Hotel at Rushcutters Bay into high-end apartments.
The investment company forked out $120 million for the opportunity.
The acquisition of the freehold five-star Sir Stamford Circular Quay will include the heritage listed former Health Department sandstone building on the corner of Albert and Macquarie Streets.
The redevelopment is expected to start in 2023 and take three years to complete.
The divestment decision made by Stamford Land was an easy one as it the net cash is 76 per cent higher than from its own now abandoned redevelopment.
Stamford Land still owns five hotels in Australia and one in New Zealand.
Irit Jackson, 24th August 2022
