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Hotel-approved Sydney development listed for sale

The site at 700 George Street is close to shopping, transport and tourist attractions.

Knight Frank and CBRE have jointly listed a freehold corner site in the Sydney CBD which has been pre-approved for a hotel development and is expected to sell for up to AU$130 million.

Located at 700 George Street at the corner of Goulburn Street in the bustling Chippendale enclave of the Sydney CBD, the site is a freehold corner block approved for a 40-storey mixed-use hotel and residential development with demolition clauses in the leases for the current commercial tenants allowing for vacancy with 12 months’ notice.

Expressions of Interest are now being accepted for the site, which sits close to World Square Shopping Centre, Chinatown and Darling Harbour. Future owner and operators will benefit from significantly upgraded transport options along the site’s George Street frontage as a new light rail line is expected to be fully operational within the next 12 months.

Knight Frank’s Partner and Head of Commercial Sales NSW, John Bowie Wilson said the existing approval for a hotel development made the site a highly competitive opportunity.

“This is an extremely rare opportunity to secure a sizeable 1,225sqm of prime Sydney CBD land with enormous development potential. There are currently a number of development options on the table which include a hotel, an office tower, residential apartments or a mix of all three. All of which are permissible under the current planning controls and have enormous potential to generate excellent development revenue returns.”

Expressions of Interest close at 4pm on 15 August 2019.

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