Well Smart buys permit-ready Sydney site

The proposed Pitt Street hotel.

Well Smart is speculated to be buying a Sydney site permit ready for a hotel – outlaying c$110 million.

Backed by Singapore based Jack Jia, the group is picking up 372-382 Pitt Street from ICD Property and Belingbak, which spent years creating the c1300 square metre amalgamation – negotiating with six parties for the eight lots.

Its permitted project, with an end value of c$500m, would have contained over 300 4.5-star rated guest suites, a restaurant precinct and apartments.

Well Smart is expected to proceed with this development.

CBRE’s Tom Gibson and Wayne Bunz were the agents with Knight Frank’s Jonathan Vaughan, Dominic Ong, Graeme Russell and Tim Holtsbaum.

It sold against a c$120m guide.

The deal comes four months since Well Smart acquired Queensland’s Lindeman Island for a speculated $10m – far less than the value of a deal to another buyer late last year.

In June, meanwhile, it divested a dual branded Melbourne CBD hotel for $170m to Legend Land Melbourne, a subsidiary of Worldwide Hotels Group, also Singapore based (story continues below).

ICD reweighs portfolio

Elsewhere in Sydney’s CBD, ICD with Singapore’s First Sponsor is planning a major redevelopment of the City Tattersalls Club at 194-204 Pitt St.

Part of that proposal includes a 49 storey hotel and apartment building.

In Melbourne, the group last year acquired a 5.295 hectare townhouse site at Altona North – outlaying $50m.

Also in the Victorian capital, the developer is behind a CBD apartment project at 299 King St while in Geelong’s Fyansford, it has been constructing a housing estate.

In Adelaide’s CBD meanwhile, ICD is teaming with the City of Adelaide to replace the Central Market Arcade with a mixed use complex containing three towers between 13-35 storeys.

Subscribe to our newsletter at the bottom of this page.

Share or Recommend article

Marc Pallisco

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