{"id":42379,"date":"2023-02-24T09:36:21","date_gmt":"2023-02-23T20:36:21","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=42379"},"modified":"2023-02-24T09:36:21","modified_gmt":"2023-02-23T20:36:21","slug":"andrew-and-nicola-forrest-buy-sydneys-waldorf-astoria-for-575m","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/andrew-and-nicola-forrest-buy-sydneys-waldorf-astoria-for-575m\/","title":{"rendered":"Andrew and Nicola Forrest buy Sydney’s Waldorf Astoria for $575m"},"content":{"rendered":"

PHOTO: Andrew and Nicola Forrest. THE ADVERTISER<\/strong><\/p>\n

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Billionaire couple Andrew and Nicola Forrest have expanded their tourism footprint with the purchase of the planned high-end Waldorf Astoria hotel at Sydney\u2019s Circular Quay precinct for a suggested $575 million.<\/p>\n<\/div>\n<\/div>\n

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Under the plan, their Tattarang arm will buy the future 25-storey tower which is part of the $3.1 billion One Circular Quay project from Lendlease and its joint venture partner Mitsubishi Estate Asia and will be the first Waldorf Astoria to open in Australia.<\/p>\n

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The deal also includes 11 retail sites under the hotel and the adjoining residential tower that Lendlease and Mitsubishi will retain. The joint venture will develop all the project which sits on the site of the former Gold Fields House, which has been an empty crater for some time.<\/p>\n<\/div>\n<\/div>\n

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Under the original deal struck in July 2022, Lendlease and Mitsubishi Estate Asia formed a joint venture to acquire the One Circular Quay development in Sydney for about $850 million. Mitsubishi Estate Asia holds a 66.7 per cent interest in the joint venture.<\/p>\n

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One Circular Quay project will include Sydney\u2019s first Waldorf Astoria hotel.<\/span><\/strong><\/em><\/p>\n<\/div>\n<\/div>\n

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As part of the complicated pricing structure of the transaction, the majority of the sale price will be paid upfront, after which a funding cost will be deducted off the gross price, taking it back to about $500 million.<\/p>\n<\/div>\n<\/div>\n

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The hotel will be added to Tattarang\u2019s burgeoning portfolio which includes Lizard Island in Far North Queensland, which it bought in early 2022 for $42 million, the Gaia Retreat & Spa in Byron Bay, formerly owned by the late entertainer Olivia Newton-John, and Cape Lodge in Margaret River, Western Australia.<\/p>\n

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Designed by Kengo Kuma & Associates, the 220-room Waldorf Astoria hotel \u2013 which is part of the Hilton stable of brands \u2013 will offer luxury accommodation, with unrivalled views across Sydney Harbour, the Opera House and Sydney Harbour Bridge.<\/p>\n<\/div>\n<\/div>\n

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There will be restaurants, spa and wellness facilities, indoor pool, ballroom and function spaces, boardrooms, and a rooftop bar and restaurant.<\/p>\n<\/div>\n<\/div>\n

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Tattarang co-owner Nicola Forrest AO said the investment is a continuation of Tattarang\u2019s long-term strategy to invest in and support iconic Australian places, spaces and products that \u201cshowcase the best of what our country has to offer\u201d.<\/p>\n<\/div>\n<\/div>\n

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\u201cAs long-term investors, we believe this development can play an important role in the future rejuvenation of the wider Circular Quay precinct, and we are committed to engaging with Lendlease and the surrounding community towards an even brighter future for Australia\u2019s gateway city,\u201d Forrest said.<\/p>\n

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Australian Property Sentiment Report Q4 2022<\/a><\/h2>\n<\/header>\n<\/div>\n<\/div>\n<\/div>\n
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The residential tower of One Circular Quay will have 158 residences, including six sub-penthouses on levels 50-55 and a three-level penthouse which will boast five bedrooms, a private lift, floor-to-ceiling windows with panoramic views of Sydney Harbour and a north-facing swimming pool and terrace.<\/p>\n<\/div>\n<\/div>\n

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Since its off-market launch in late 2022, the residential tower, designed by the late award-winning Australian architect Kerry Hill, has had more than 40 per cent of the apartments pre-sold.<\/p>\n<\/div>\n<\/div>\n

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Lendlease managing director development Tom Mackellar called the transaction a \u201cmajor milestone\u201d for the precinct\u2019s revitalisation and will bring the developers one step closer to \u201ctransforming the centrepiece of Sydney\u2019s spectacular harbour\u201d.<\/p>\n<\/div>\n<\/div>\n

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\u201cAlongside Australia\u2019s first Waldorf Astoria, the residences at One Circular Quay represent a once-in-a-lifetime opportunity in luxury harbourside living with local buyers already claiming their stake in Sydney\u2019s most prestigious and sought-after address,\u201d MacKeller said.<\/p>\n<\/div>\n<\/div>\n

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CBRE\u2019s Michael Simpson and Sam McVay of McVay Real Estate advised on the deal.<\/p>\n<\/div>\n<\/div>\n

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Construction of both the hotel and residential tower at One Circular Quay will start shortly, with the hotel due to open in late 2026.<\/p>\n<\/div>\n<\/div>\n<\/div>\n

READ MORE VIA COMMERCIALREAL ESTATE.COM.AU<\/a><\/p>\n

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