The Built and Irongate Group joint venture (Built Irongate JV), has announced the lodgement of a Stage 1 State Significant Development Application (Stage 1 SSDA) for the redevelopment of a luxury hotel mixed-use project at 52 Phillip Street and the adjacent heritage-listed building at 50 Phillip Street.
Built has submitted an Unsolicited Proposal (USP) for the leasehold purchase of 50 Phillip Street from the NSW Government in 2017, which progressed to Stage 2 assessment in October 2019.
The proposed development seeks to amalgamate the Built Irongate JV-owned 52 Phillip Street and the NSW Government-owned 50 Phillip Street to deliver a new 5/6-star hotel.
Critical to the proposal is the careful heritage preservation and adaptive re-use of 50 Phillip Street, currently owned and occupied by the State Government.
The proposed new 240-room hotel will restore the building to its original spatial character, the heritage interior joinery will be restored, and new work will interpret the features and detailing of the original finishes utilising Built’s unique skills in restoring and refurbishing heritage buildings.
Also engaged on the project is Graham Brooks, an internationally recognised specialist in Cultural Heritage Management and Cultural Tourism policy, who has previously been commissioned by NSW Government to develop the Conservation Management Plan for the property.
Built CEO and Managing Director, Brett Mason, said the development represents a unique opportunity to give these buildings new life and make them accessible for locals and tourists, increasing public use and foot traffic.
“Our plans for a luxury hotel mixed-use development will do this while preserving the important history of 50 Phillip Street that reflect the unique nineteenth-century architecture of the former NSW colony. This history will be restored, conserved and opened to the people of NSW in our development for the first time,” Mr Mason said.
Irongate CEO, Graeme Katz, said they are proud to be partnering with Built on this landmark development opportunity in the heart of the Sydney CBD.
“The development is one of the seed assets of our recently launched Templewater Australia Property Fund (TAP). TAP forms part of Irongate’s wholesale funds management platform and shows the breadth and depth of our property investment capabilities in Australia.”
Subject to approvals to proceed to Stage 3 and completing the USP process, the new hotel will draw both local and international visitors, boosting tourism in the precinct.
CBRE Hotels has been appointed to conduct an international search to attract one of the world’s top luxury hotel operators and has already seen significant interest from luxury hotel groups who have waited years to find the right opportunity to launch a flagship property in the Australian market.