This article is from the Australian Property Journal archive
THE City Tattersalls Club has selected Chinese group ICD Property and Sinclair Brook to deliver the $200 million hotel and apartment project in Sydney's CBD.
The new partnership comes six months after the club and Mirvac tore up their agreement in October last year when the parties were unable to agree over the costs of developing the project.
“After extensive negotiations, the Club and Mirvac have been unable to achieve their respective objectives for the project. All the benefits of the development application and the consulting work performed for Mirvac will be assigned over to the Club,” City Tattersalls Club chairman Patrick Champion said at the time of the split.
Located at 194-200 Pitt St, the proposal comprises a 48-storey mixed use building including upgraded member’s facilities from basement to Level 7 covering 10,000 sqm, a 4-star 100-room hotel from Levels 8-13 and apartments over 34 floors and a fine-dining terraced restaurant on Level 7.
City Tattersalls said the new partnership would lodge a new development application with the City of Sydney and it expects council approval in late 2016 and hopes to start construction in 2017.
Construction is expected to be completed in 2020.
Tattersalls chief executive Tony Guilfoyle told AAP that he was confident the new proposal would be approved by the City of Sydney.
“We have been liaising with council … this scheme incorporates council`s latest commentary, but we must meet with council to make sure we address all issues,” Guilfoyle said.
Australian Property Journal
