SINGAPORE - Frasers Centrepoint Ltd said on Thursday (April 20) that its Australian arm and a joint venture partner have agreed to sell a hotel and commercial space at their mega mixed-use urban renewal project in Sydney to an investment funds manager.
Frasers Property Australia and Sekisui House Australia, who are jointly developing the Central Park precinct in Sydney, have entered into option agreements with Impact Investment Group (IIG) on the sale of the hotel and commercial space at DUO, situated on the north-west corner of the project in the suburb of Chippendale.
The option agreements, worth just under A$190 million (S$199.2 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 an Australian impact investment funds manager, with over A$400 million in funds under management and a portfolio of assets along Australia's eastern seaboard, including Brisbane, Sydney and Melbourne.
Sekisui House is a Tokyo-listed residential construction company and one of the world's biggest.
Located within the A$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 leading UK architects, Foster + Partners, the DUO towers are located just five minutes' walk to Central train station and bus interchange.