CBD Commercial Property News

Singapore-based SC Capital has unveiled plans for a $700 million mixed-use hotel and office tower in the heart of Sydney for which it will seek investors later this year.

Fund manager and investor Michael Gu’s iProsperity Group is one of three parties jockeying for the hotel component of a more than $1 billion 50-level apartment and hotel development fronting Sydney’s Hyde Park.

The Bank of Sydney has swooped on a Pitt St office block in the heart of Sydney’s central business district, buying the complex from Kingsmede for about $50 million.

Plans by the James Packer-backed casino giant Crown Resorts and the private Schiavello Group to build the $2 billion One Queensbridge hotel and apartment complex at Melbourne’s Southbank have been put in limbo after the Victorian government refused to extend the development permit.

Perth’s office market is starting the year strongly with Primewest finalising a deal to buy an office building from private equity group Blackstone for $86 million.

Sydney’s Circular Quay is a step closer to a major overhaul with the Berejiklian government quietly shortlisting rival consortiums — one led by Lendlease and the other by Plenary Group — for a $2 billion overhaul of the ferry wharves precinct.

Chinese property development group Poly Global is looking to step up its Australian operations by offering stakes in about $1 billion of office projects it has under way in Sydney and Melbourne.

Golden Age and partner Starwood Capital have dumped plans for a $600 million apartment and hotel complex on Melbourne’s Spring St and are selling the site to Proprium Capital Partners Australia in a $114 million deal.

Melbourne is locking in its status as a global investment destination for property investors, with Hong Kong group Foo Hang Jewellery finalising a deal to buy a Collins St tower for $314 million, its first move into Australia.