EVT has listed its Sydney CBD property, 525 George Street, for sale, making it the largest mixed-use development to hit the market in the city since the 2022 sale of One Circular Quay.
Comprising over 1,800 square metres, in a vibrant commercial and entertainment precinct with access to Town Hall Station, Chinatown, Darling Harbour, ICCC, Central Station and the Tech Central Precinct, the property comes with a Stage 2 Development Approval for a 43-level, 28,283sqm mixed-use tower including residential, hotel, cinema, and retail space.
“We are delighted to have listed with CBRE one of our prime Sydney CBD freehold properties at 525 George Street, presenting a rare opportunity for an investor to secure a landmark development site,” said EVT CEO, Jane Hastings.
“This proposed sale aligns with EVT’s ongoing strategy to recycle capital and pursue new growth opportunities.”
The high-rise levels of the tower will include 98 luxury apartments, totalling 12,671sqm, while an 11,068sqm 5-star lifestyle hotel will occupy the low to mid-rise section of the tower, featuring 285 premium rooms with bar, restaurant and conference facilities.
The development will also include a luxury state-of-the art cinema experience, home to five cinemas across 3,803sqm.
The existing Event Cinemas complex currently operates 16 screens across the 525 and 505 George Street properties – five at 525 and 11 at 505 George Street. The full complex will remain operational until the 525 George Street redevelopment commences, after which the eleven screens at 505 Geroge Street will continue to operate.
CBRE’s Michael Simpson, Ben Wicks and Tom Gibson are managing the sale via an International Expressions of Interest Campaign.
“This site is a truly generational offering,” Simpson said.
“Comprising over 1,800 square metres of prime Sydney freehold land and highly favourable planning approval secured by the vendor, it is a ‘shovel ready’ project that will enable the successful purchaser to deliver a legacy tower in Australia’s global gateway city.
“The Sydney hotel market is undersupplied and has experienced extraordinary RevPAR (revenue per available room) growth since the pandemic.
“Domestic visitation and tourism expenditure are already well above pre-pandemic levels, with international visitation expected to rise over 44% from 2024 to 2029, providing significantly increased demand for hotel rooms.”
Wicks said the residential development will meet growing market demand for apartment living.
“Demand for new residential apartments in Sydney’s CBD has bounced back with increased interest from young singles and couples as well as empty nesters looking to downsize from a family home in the suburbs,” he said.
“The site has a rich history and is a special place for many Sydneysiders as a popular destination to socialise and watch a movie.”