First Sponsor-led consortium buys Sydney property in A$24.7 million deal
The property will be integrated into a redevelopment plan comprising 241 apartments, an upper-upscale hotel, and event space
A CONSORTIUM that is 90.5 per cent owned by First Sponsor Group has struck a A$24.7 million (S$22.4 million) deal with City Tattersalls Club to purchase the social club’s property in Sydney.
Located at 194 to 204 Pitt Street, the partially heritage-listed property spans about 3,200 square metres across multiple storeys and a basement.
This will be integrated into a redevelopment plan comprising 241 apartments, an upper-upscale hotel, and event spaces.
A presale launch for the residential apartments segment of the project is scheduled to commence in early 2025, led by CBRE.
The City Tattersalls Club redevelopment received approval in 2021, and private construction company Richard Crookes Construction was named the appointed builder last year.
The joint-venture project is undertaken by a consortium led by First Sponsor and ICD Property, a Melbourne-based property development group.
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Works onsite remains on schedule with bulk excavation and installation of the jump form almost complete, said First Sponsor, ICD Property and City Tattersalls Club in a joint statement on Monday (Jul 15). A jump form is a climbing concrete formwork used in constructing large, vertical concrete buildings.
City Tattersalls Club chairman Patrick Campion said the club had explored several options to sell the property but ultimately accepted “the best offer presented” by the consortium led by First Sponsor.
This comes as the property’s existing heritage façade, and key interior features of its buildings, will be “respectfully restored and maintained”.
“We recognise the importance of the City Tattersalls Club within Sydney, Australia, and are glad that we have the opportunity to do our part to help the club safeguard its future,” said First Sponsor chief executive Neo Teck Pheng.
“We look forward to working alongside BVN Architects and FJC Studio (formerly FJMT Studio) to enhance the future use of the former club premises to ensure it adds value to the local community and aligns with the project’s broader vision,” he added.
Shares of First Sponsor closed down 2.7 per cent or S$0.03 to S$1.07 on Monday (Jul 15).
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