Japan giants back Salvation Army site redevelopment
Investa has called in two Japan based backers – Sotetsu Real Estate Co. Ltd and JR West Real Estate & Development Company, part of West Japan Railway Company – to replace the city’s Salvation Army building.
The deal moves forward a proposal announced February for a studio apartment based build to rent project (artist’s impression, top) with an end value circling $230 million.
The first floor of the 17 storey asset would be strata titled and owner-occupied by the Salvation Army – part of a contribution for the building it has occupied since 1926 as its Territorial HQ, then the Australian Eastern Territory base.
The property has also been known as Sydney Congress Hall.
Investa, Sotetsu and JR West will retain the balance with 251 studios, a communal workspace, indoor entertainment area, resident-only dining zone and terraces.
Site set for redevelopment after 99 years
The asset at 140 Elizabeth Street will be Investa’s maiden in the Studio Living space.
It will be Sotetsu’s first foray into Australian residential.
Due to start construction next year and open in 2029, the building will also include a place of worship and ministry.
“Our partnership with Investa provides access to a high potential asset class in a dynamic market,” JR West executive officer and general manager, Overseas Business, Kenichi Kosuga, said.
“We will continue to explore and discuss further opportunities for joint ventures in Australia,” he added.
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