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700 Beach changing hands for some $120m

Buyers planning to develop 18,400 sq ft site into a hotel with about 300 rooms

700 BEACH is being sold in a deal that values the asset at about $120 million and the buyers are planning to redevelop the 18,400 square foot site into a 15-storey hotel with about 300 rooms, BT understands. Market talk suggests that the buyers are in advanced negotiations with UK hospitality