Singapore’s First Sponsor partners with ICD Property to redevelop Sydney’s 125-year old City Tattersalls Club

The proposed development will see a 49-storey apartment tower and hotel built into airspace over heritage buildings.

ICD Property has formed a joint venture partnership with Singapore’s listed First Sponsor to redevelop the City Tattersalls Club in the Sydney CBD.

ICD was only given the green light for its $200 million proposal 10 days ago.

The holding, 194-204 Pitt Street, is near the city’s Westfield Pitt Street Mall – a block from both Martin Place and Hyde Park.

First Sponsor will be the sole construction financier and provide equity partnership alongside an investor consortium.

The City Tattersalls Club will be the 12-year old company’s first Australian project.

First Sponsor has three key business segments: property development, property holding and property financing.

Its portfolio includes assets primarily in China, the Netherlands and Germany.

CBRE’s director of Debt and Structured Finance, Bradley Duff, brokered the City Tattersalls deal.

Of the rising trend for non-bank lending in Australia’s property landscape, the executive said “it is important to find the right investors for each project”.

“In Australia we have the unique opportunity to work closely with our nearby Asian partners who possess a growing appetite to find quality developers and partners like ICD and City Tattersalls Club.

“The alignment of values between Asian investors and Australian companies who offer extremely flexible and structured finance and investment terms can unlock not only key landmark sites like City Tattersalls but other development projects in Australia”.

What is proposed at City Tattersalls Club

ICD Property received envelope approval for the first stage of its City Tattersalls Club Concept Development Application from council’s Central Sydney Planning Committee.

Richard Francis-Jones, design director of architect firm FJMT, said a series of rooms within the three interconnected heritage buildings, including the entire club house, will be “restored to their original grandeur”.

The c125-year old club is ultimately earmarked to become a mixed use complex comprising a premium co-working centre, health and wellbeing facilities, retail and restaurants.

A 49-storey tower with 246 apartments and 100 hotel rooms will also be developed in what is currently airspace.

City Tattersalls Club Chairman, Patrick Campion, said the application approval followed “a long period” of working collaboratively with council.

“It is a result that will safeguard the future of the City Tattersalls Club for another 125 years,” he added.

“City Tattersalls Club’s rejuvenated premises will be a modern multi-purpose facility for inner city residents and a tremendous new base from which the Club can continue to serve the city and its many thousands of members well into a second century”.

Plan forms part of a bigger precinct-revitalisation: City Tattersalls Club

Near to the city’s major shopping, food and entertainment precinct, the City Tattersalls Club redevelopment “signifies a bigger revitalisation of the entire precinct”, according to Mr Campion.

ICD Property Managing Director, Matthew Khoo, added that “not only will our work breathe life back into this site, but we hope that it will contribute heavily to the surrounding CBD streetscape, alongside the upcoming redevelopment of the neighbouring David Jones site by Scentre Group and CBUS and introduction of a new tram network on nearby George Street”.

“We are excited to be part of Sydney’s growth, contributing a development that will greatly enhance the CBD by including an activated ground floor, home to a number of businesses and amenities that will bring people together and give back to the local streetscape.”

ICD entered development negotiations in 2015 after the Club failed to secure other builder backers, including Mirvac.

City Tattersalls Club is heritage protected.

ICD – which has its Australian headquarters in Melbourne – and First Sponsor plan to start the redevelopment next year.

The redevelopment will add hospitality spaces including a rooftop bar.

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Marc Pallisco

A freelance property analyst and journalist, Marc is a co-founder of realestatesource.com.au.

Marc Pallisco
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