THE iconic heritage Sandstone buildings in Sydney, comprising the Lands Building and the Education Building, are slated to be reestablished as a new luxury property.
Singapore-based Pontiac Land Group (PLG), in agreement with Government Property New South Wales (NSW), will be spending A$300 million (US$210 million) to redevelop the heritage site into a hotel, creating approximately 240 rooms.
PLG will be responsible for all design and planning requirements, with construction scheduled to begin in 2018 when current tenants have vacated.
The hotel is expected to be operationally ready roughly three years later, with the operator to be announced in due course.
Dominic Perrottet, New South Wales minister for finance, services and property, said: “This is great news for NSW, with a 240-room luxury hotel to be built in the heart of Sydney’s tourism and financial hub, which means hundreds of new construction and hospitality jobs, and an estimated A$185 million boost to the NSW economy over 20 years.”
