This article is from the Australian Property Journal archive
A CONSORTIUM led by Singapore-listed First Sponsor has joined forces with ICD Property to redevelop the City Tattersalls Club project in Sydney, marking the group’s first Australian project.
First Sponsor will provide equity partnership alongside its investor consortium, and will act as the sole construction financier and will provide funding for the delivery of the project.
Created in 2007, the group primarily operates across property development, property holding and property financing segments and holds investments primarily across China, the Netherlands and Germany.
The partnership comes the City of Sydney’s landmark decision in recent weeks, in which the council’s Central Sydney Planning Committee granted envelope approval for the Stage 1 Concept Development Application of the City Tattersalls Club site, being developed in partnership with the almost 125-year old club.
Approval allows for plans to rejuvenate the entire clubhouse, including retail, restaurants, a combined hotel and Club reception on the ground level, as well as an event space, premium co-working centre, health and wellbeing facilities and other great member facilities.
There are also plans to develop a 49 storey tower above the historic site comprising 246 apartments and a high end hotel with 100 rooms.
The collaboration is currently conditional on regulatory approvals and conditions that are expected to be formally achieved in early 2020.
ICD Property secured alternative lending for its Aspire Melbourne project, receiving financial backing from Australia’s leading development financier MaxCap and global finance conglomerate Goldman Sachs earlier this year.
ICD deputy managing director Sal Quah said the company chooses its partners based on the requirement of each project.
