Frasers Property Australia and Sekisui House Australia, the joint venture (JV) partners in Sydney’s iconic Central Park development, have entered into an agreement with Impact Investment Group (IIG) for the sale of the hotel and commercial space at DUO for a consideration of nearly S$190 million ($135.8 million).
The option agreements for the purchase includes the 300 room Four Points by Sheraton Sydney, Central Park hotel, which incorporates a bar and lounge with an outdoor terrace, a restaurant with 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.
“We couldn’t be more proud of our first foray into the Sydney market with these properties. 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,” said IIG CEO Chris Lock.
IIG is an Australian impact investment funds manager, with over $400 million in funds under management (AUM) and a portfolio taking in key sites along Australia’s eastern seaboard, including Brisbane, Sydney and Melbourne.
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.
“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,” Frasers Property project director Mick Caddey said.
“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,” he added.