Planning on one of iProsperity’s former investment sites is moving ahead with a $61.5 million application lodged for a 14-storey commercial tower in Sydney’s CBD.
The plans for 333 Kent Street, Sydney include adding new levels to the existing nine-storey building which has a historic warehouse façade on the lower half.
Hong Kong-based developer Maville Bay Pty Ltd sold the property to the iProsperity-managed Bridge iProsperity 333 Kent Fund for $88,888,888 in 2016.
The following year iProsperity gained concept approval for a mixed-use hotel development on the site but never moved ahead on the plans and went into administration in July 2020.
A spokesperson for Glory Star Properties, the majority owner of the 333 Kent Street site told The Urban Developer that iProsperity was removed as the manager of the fund following administration.
“The majority owner of the fund, Glory Star is now delivering the new development application,” the spokesperson said.
According to the latest development application for 333 Kent St Pty Ltd a new set of plans were already under way with pre-lodgement discussions dating back to April.
“As a long-term owner, the proponent has sought to explore the best possible redevelopment outcome for the site and has investigated several potential design outcomes for the land,” the application said.
“The best approach for the site to ensure the delivery of additional floor space in a timely manner, while also achieving a high degree of architectural excellence through a comprehensive design review process with the consultant team.
“This outcome seeks to align with the Central Sydney Planning Strategy which looks to remove incentives for residential towers in the CBD and deliver greater economic and employment growth.”
If approved, the new plans will create 14,859sq m of a-grade commercial space with 202sq m of retail tenancies on the ground level.
The design by WMK Architecture will contrast with the original warehouse façade but continue on with the vertical bays with a bronze finish and solar glazing.
This is a significant difference from the 2015 mixed-use hotel and residential design by Lahznimmo and SJB and the 2017 design for the site by Make Architects.
The original four-storey warehouse, 331-337 Kent Street, was built on the 1,518sq m site and leased to various businesses over the years including printers and book binders, a soap and candle company as well as spirit and wine merchants for 65 years.
In 1885 the Victorian façade was retained during a commercial redevelopment, it was subsequently remodelled in 2000 and leased by Central Queensland University for four years.
Maville Bay purchased the property for $47.75 million in 2012 and sold it for a lucky price to iProsperity Group in partnership with Bridge Capital, the February 2020 valuation for the building from JLL Australia places the property’s worth at $107 million.