Wednesday, March 8, 2017

Superstitious Chinese investors pay $88,888,888 for a high rise Sydney office block

Superstitious Chinese investors pay $88,888,888 for a high rise Sydney office block - and they plan to turn it into a lavish hotel 

  • Chinese firm Bridge Capital buy 333 Kent Street office block in Sydney
  • The investors paid a staggering $88,888,888 for the 24 level building
  • New owners plan to turn it into a lavish hotel and residential apartments
  • The number eight is considered to be incredibly lucky in China 

Superstitious Chinese investors have bought a Sydney high rise building for a staggering price of $88,888,888.
Chinese firm Bridge Capital partnered with Australian company iProsperity Group to purchase the 333 Kent Street office block in Sydney's city centre.
The new owners plan to turn the former office blocks into a lavish hotel and residential apartments with sweeping view over Darling Harbour.
A Chinese investor firm has purchased a Sydney high rise office block at 333 Kent Street for the symbolic price of $88,888,888 with the aim of turning it into a lavish hotel and apartments
A Chinese investor firm has purchased a Sydney high rise office block at 333 Kent Street for the symbolic price of $88,888,888 with the aim of turning it into a lavish hotel and apartments
The 24-level building will be able to cater for approximately 179 hotel rooms and 69 residential apartments.
The Chinese investors were one of nine interested parties who made offers - with the eventual price of $88.88 million exceeding the owner's expectations, according to Fairfax Media.  
The number eight is considered to be incredibly lucky in China.
Chinese firm Bridge Capital partnered with Australian company iProsperity Group to purchase the 333 Kent Street office block
Chinese firm Bridge Capital partnered with Australian company iProsperity Group to purchase the 333 Kent Street office block
The new owners plan to turn the building into a lavish hotel with residential apartments
The new owners plan to turn the building into a lavish hotel with residential apartments
The Chinese investors were one of nine interested parties who made offers - with the eventual price of $88.88 million exceeding the owner's expectations
The Chinese investors were one of nine interested parties who made offers - with the eventual price of $88.88 million exceeding the owner's expectations
When translated to Mandarin Chinese, the number eight is close in meaning to the phrase 'to make a fortune'.
333 Kent Street was sold by several agents from Colliers International.
"Interested parties were predominantly residential and hotel developers with two groups looking to "landbank" the building,' one the agents involved in the deal, Vince Kernahan, said.
The 24-level building will be able to cater for approximately 179 hotel rooms and 69 residential apartments and has sweeping views of Darling Harbour
The 24-level building will be able to cater for approximately 179 hotel rooms and 69 residential apartments and has sweeping views of Darling Harbour