- A joint venture agreement to implement the project has resulted in the start of construction of a new commercial skyscraper at 333 Kent Street in Sydney’s CBD
- Glory Star, the property’s principal owner, has formed a joint venture with Sydney-based property developer Addenbrooke, which has collaborated with Phoenix Property Investors
- Knight Frank’s Scott Timbrell, Jessen O’Sullivan and Andrew Harford negotiated the joint venture partnership deal on behalf of Glory Star, which managed the strategic process
- The finished project, designed by architectural company WMK, will produce a 14-story commercial building with 14,242 square metres of A-grade net lettable space
A joint venture agreement to implement the project has resulted in the start of construction of a new commercial skyscraper at 333 Kent Street in Sydney’s CBD next year.
Glory Star, the property’s principal owner, has formed a joint venture with Sydney-based property developer Addenbrooke, which has collaborated with Phoenix Property Investors (PPI) to buy a share in the development.
Knight Frank’s Scott Timbrell, Jessen O’Sullivan and Andrew Harford negotiated the joint venture partnership deal on behalf of Glory Star, which managed the strategic process.
The finished project, designed by architectural company WMK, will produce a 14-story commercial building with 14,242 square metres of A-grade net lettable space between the property’s existing heritage façade and a new extra structure.
It will entail the renovation of an existing 1980s B-grade office building with about 10,000sqm of gross floor space into a brand new A-grade office complex in the CBD’s expanding commercial western sector.
Glory Star originally planned to develop the property at 333 Kent Street under a fund managed by iProsperity after purchasing the land in 2016 and subsequently gaining concept permission for a mixed-use hotel building on the site.
However, once iProsperity fell into administration in July 2020, Glory Star Properties, the main owner of the Kent Street property, proceeded with presenting the new development application for a 14-story commercial tower.
The joint venture partnership will now deliver the project, with work planned to commence in the second quarter of 2022 and a practical completion date of late 2023 or early 2024.
A formal construction tender procedure will be held early next year to choose the selected contactor, and a leasing campaign will begin shortly thereafter.
To meet post-COVID demand for office space, the design for 333 Kent Street prioritised adapting emerging office trends with smart systems and touchless technology, distinctive exterior breakout areas, market-leading end-of-trip amenities, and ground floor food and beverage activities.
Floorplates will range in size from 882sqm to 1170sqm, and tenants will have access to vistas of Darling Harbour as well as the option of imaginative or classic office fitouts that will appeal to a diverse spectrum of occupiers.
Moni Xinye An on behalf of Glory Star, which is majority-owned by Australian Chinese developer Super Ocean Group founded by Mr Li Pei Ye, said they are happy with the result.
“Addenbrooke will bring good synergy to the existing team with their development track record,” she said.