JDH Capital has picked up the Sir Stamford Circular Quay as a development play.
The 10 storey hotel at 93-97 Macquarie Street, on the south west corner of Albert, overlooking the Royal Botanic Gardens, is setting the group back $210.5m or $120.5m over the March, 2022, valuation.
Vendor, Singapore listed Stamford Land, directed by Chio Kiat (CK) Ow, added some value in early 2020 – pushing forward a $135.1m plan which would allow a circa-five level extension.
The property was listed last June as part of a $1 billion portfolio – the bulk of Stamford’s hotels here – which was later withdrawn.
Sir Stamford, the 1631 square metre freehold for which it paid the state government $16.8m in 2013, when it was then trading as the Ritz Carlton, was considered the jewel of those six assets.
CBRE’s Michael Simpson and Tom Gibson with JLL’s Peter Harper and Adam Bury were the agents.
JDH is led by ex-Macquarie banker Jean-Dominique Huynh (story continues below).
JDH buys another high profile site
Developed in the 1990s, incorporating a heritage protected ex-Department of Health building, the 5-star Sir Stamford will be replaced with a residential project.
It would be JDH’s second high profile development in the CBD – it is also renovating the ex-Sirius complex, on Cumberland St in the Rocks, with high-end apartments.
Elsewhere in town, Lendlease and Mitsubishi Estate are delivering what will be Australia’s first Waldorf Astoria, as part of the $3b One Circular Quay development.
Worth c$570m, agency sources last night confirmed that guesthouse could quietly be being purchased by Andrew Forrest’s Fiveight.
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