Icon spends $66m on ex-Universal Film studio

Element sold 499-501 Kent Street permit-ready for a hotel.

Icon Oceania with Icon Developments have outlaid $66 million for Sydney’s RCA House, also once the Universal Film studio.

The airspace of the c1936 building, on 812 square metres at 499-501 Kent Street, will from this year make way for a 23-storey, 229-key luxury hotel.

The vendor, Element Property Group, paid $52.5m in early 2020.

It was previously for sale in 2018 seeking c$55m.

That seller, Saatvic Holdings Pty Ltd, outlaid $6.75m in 2004, retaining it as an investment.

Element also pushed through the planning application, with ground floor retail, a gym, restaurants, rooftop bar and eight levels of basement parking (story continues below).

Icon Oceania and Icon Kajima, which announced its intention to buy the property late last year for an undisclosed price, are adding a “vertigo suite” with a glass floor.

The deal has now settled.

Savills’ Andy Hu and Jordan Lee acted for Element.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.