Sydney CBD Development Site Sold
The private group Sydney Redevelopments have settled on a development site in the Sydney CBD for $57m ($92,233/sqm of site area).
The Group led by Sydney eastern suburbs jeweller Peter Michaelson, acquired the older commercial buildings at 371-375 Pitt Street in the Sydney CBD with plans to convert them into a 34-level hotel with commercial suites.
The original development application was lodged on the 12 July 2017 however an appeal was lodged in August 2017 following a deemed refusal. On 16 February 2018, the appeal was upheld by the Land & Environment Court and the development consent was granted, comprising a stage 1 concept approval of;
A 34 storey building envelope with 7 storey podium and 27 storeys above with an 8 metre street setback.
Use of the building as a hotel with associated facilities.
Ground floor retail use.
Commercial use on first, second and third levels.
252 indicative hotel rooms (225 rooms based on 14:1 FSR and 252 hotel rooms based on 14:1 + 10%)
Maximum height of RL141.1 • GFA of 8,667 square metres and 14:1 FSR
The site currently contains a three storey rendered building fronting Pitt Street with ground floor retail uses and commercial uses above and a four storey building to the rear of the site which is currently occupied by a restaurant among other commercial uses.