The Area: CBD
One of Sydney’s most iconic sandstone landmarks will be transformed into a world-class luxury hotel. The heritage-listed ‘Sandstones’ on Bridge Street in Sydney‘s CBD, which were reserved as government offices, are due to undergo a AUD300 million redevelopment. Back in September 2015, one of Singapore’s largest property developers – Pontiac Land Group, attained development rights for these two buildings. They will reportedly pay the NSW government AUD35 million for the 103-year lease.
Designs for the buildings unveil plans for a ground-level retail, dining, rooftop salon and more than 250 hotel rooms and suites. To be completed by 2022, the hotel development is expected to deliver a boost to the NSW economy by yielding more than AUD185 million over the next 20 years and creating 350 new jobs.
Capella Hotels is the new chain by Horst Schulze, who founded Ritz-Carlton Hotels. The mini chain of luxury hotels operates the iconic Breidenbacher Hof in Düsseldorf plus outposts in Singapore, Sanya, Shanghai and on Bali. Next to Sydney, the Maldives and Bangkok are in the works.