This article is from the Australian Property Journal archive
THE City Tattersalls Club has sold its historic 194-204 Pitt Street property in Sydney to a consortium majority owned by Singapore’s First Sponsor Group.
The partially heritage-listed property includes the 129-year-old original 3,200sqm City Tattersalls Club premises, which will be integrated into a 241-apartment 50-storey tower and upscale hotel.
“The club explored several options to sell, and ultimately, accepted the best offer presented, which came from the consortium led by First Sponsor,” said Patrick Campion, chairman at City Tattersalls Club.
“This deal will safeguard the club’s future and will enable City Tatts and members to fully embrace its Castlereagh facility. We deeply value the commitment and support of our members as we navigated the options available to us.”
The purchaser is a consortium that is 90.5% owned by Singapore Exchange-listed First Sponsor Group, which has paid $24.7 million for the property.
“We recognise the importance of the City Tattersalls Club within Sydney, Australia, and are glad that we have the opportunity to do our part to help the club safeguard its future,” said Neo Teck Pheng, group CEO at First Sponsor.
“We look forward to working alongside BVN Architects and FJC Studio (formerly FJMT Studio) to enhance the future use of the former club premises to ensure it adds value to the local community and aligns with the project’s broader vision.”
The redevelopment was approved in 2021 and will be a joint venture project between the consortium and ICD Property.
Richard Crookes Construction was appointed to deliver the development as builder in 2023, with works on schedule and bulk excavation and installation of the jump form nearing completion.
While CBRE is leading the presale launch for the residential apartments, which is scheduled to begin in early 2025.
ICD Property recently saw activity in another joint venture project, with major corporate law firm Thomson Geer has signing on as a tenant at its the $400 million Market Square development with the City of Adelaide.
