Sydney, 20 April 2017 – Frasers Property Australia and Sekisui House Australia, joint venture partners in Sydney’s iconic multi-international award-winning Central Park development, have today announced that they have entered into Option Agreements with Impact Investment Group (IIG) in relation to the sale of the hotel and commercial space at DUO, situated on the north-west corner of the Central Park precinct in Chippendale due for completion in mid-2018.
The option agreements, worth just under $190 million, includes the 300 room Four Points by Sheraton Sydney, Central Park hotel, which incorporates a bar and lounge with an outdoor terrace, a restaurant, nearly 550 square metres of function space, a fitness centre and convenient parking facilities.
Also included in the agreement is the commercial office component of 100 Broadway, which consists of a ground floor retail space, over 5,400 square metres of commercial space, and a large Greenwood Early Education Centre accommodating up to 90 children. IIG is a leading Australian impact investment funds manager, with over $400 million in funds under management and a portfolio taking in key sites along Australia’s eastern seaboard, including Brisbane, Sydney and Melbourne.
Located within the $2 billion Central Park precinct, both 100 Broadway and the 297-room hotel form part of the mixed-use development DUO, which is due for completion in 2018 and will comprise two buildings, each with their own lobby entrances.
Designed by acclaimed UK architects, Foster + Partners, the DUO towers are located just five minutes’ walk to Central train station and bus interchange. The development will also sit above and around the refurbished heritage-listed Australian Hotel, built in 1936 and bought last year by hotelier Bruce Solomon and high-profile chef Matt Moran, thus forming the final piece in Central Park’s already impressive Broadway frontage.
Frasers Property Project Director, Mick Caddey, said the joint venture partners were delighted to announce the agreement with IIG. “Frasers Property Australia and Sekisui House Australia are excited to be working with IIG, who were attracted by the quality aspirations of the Central Park precinct which is reflected in their own investment agenda,” said Mr Caddey.
“Working with IIG on this transaction is a continuation of our strategy to embed like-minded owners and tenants in the precinct who will sustain the quality aspirations of the development into the future.”
Indeed, the development will use recycled materials and environmentally-certified products during construction, and will integrate with Central Park’s highly efficient systems for power, heating, cooling and recycling water.
IIG CEO, Chris Lock, confirmed that Central Park’s innovative design and leadership in ‘green’ and sustainable technology were major considerations.
“We couldn’t be more proud of our first foray into the Sydney market with these properties,” said Mr Lock.
“We were waiting to find a building developed to the highest standards in sustainability – and we found this in spades in the Central Park precinct.”
Looking ahead, Mr Caddey envisioned the precinct’s overall completion in 2018 with the final major committed developments of DUO and Wonderland well underway.
“We very much look forward to DUO’s completion in 2018, when Central Park will be fully operational as a vibrant inner-city urban village enjoyed by residents, commercial tenants and locals alike,” he added.