50-STOREY TOWER PROPOSED FOR SYDNEY TATTERSALLS
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50-STOREY TOWER PROPOSED FOR SYDNEY TATTERSALLS

Step inside the multi-million dollar, multi-function CBD redevelopment.

By Terry Christodoulou
Wed, Mar 17, 2021 9:58amGrey Clock < 1 min

The Sydney City Tattersalls Club redevelopment is moving ahead with a detailed development plan now lodged for a $762 million tower complete with hotel and upscale apartments.

The proposed 50-storey tower will house a 101-room hotel and 241 apartments, as well as the regeneration of the Club’s quarters including new retail, upgraded lower bar and grill, new restaurants, a commercial fitness centre and event spaces.

Pending approval by the City of Sydney later this year, construction will begin in 2022 with completion expected in 2026.

The project is being led by Singapore-based First Sponsor Group and local developer ICD Property, the latter brought in by the City Tattersalls Club more than five years ago.

City Tattersalls

Local architecture studio BVNis designing the site,  with heritage architects FJMT overseeing the lower-level refurbishments

“The significance of this redevelopment to our members and a CBD that is very much in need of reactivating is indescribable,” said Marcelo Veloz, group chief executive at City Tattersalls.

An earlier proposal for the site was denied by the NSW Land and Environment Court – citing heritage grounds – three years ago

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Amid looming rate rises, there are reasons to be cheerful as mortgage holders head into 2023

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Mortgage holders should brace themselves for more pain as the Reserve Bank of Australia board prepares to meet tomorrow for the first time this year.

Most economists and the major banks are predicting a rise of 25 basis points will be announced, although the Commonwealth Bank suggests that the RBA may take the unusual step of a 40 basis point rise to bring the interest rate up to a more conventional 3.5 percent. This would allow the RBA to step back from further rate rises for the next few months as it assesses the impact of tightening monetary policy on the economy.

The decision by the RBA board to make consecutive rate rises since April last year is an attempt to wrestle inflation down to a more manageable 3 or 4 percent. The Australian Bureau of Statistics reports that the inflation rate rose to 7.8 percent over the December quarter, the highest it has been since 1990, reflected in higher prices for food, fuel and construction.

Higher interest rates have coincided with falling home values, which Ray White chief economist Nerida Conisbee says are down 6.1 percent in capital cities since peaking in March 2022. The pain has been greatest in Sydney, where prices have dropped 10.8 percent since February last year. Melbourne and Canberra recorded similar, albeit smaller falls, while capitals like Adelaide, which saw property prices fall 1.8 percent, are less affected.

Although prices may continue to decline, Ms Conisbee (below) said there are signs the pace is slowing and that inflation has peaked.

“December inflation came in at 7.8 per cent with construction, travel and electricity costs being the biggest drivers. It is likely that we are now at peak,” Ms Conisbee said. 

“Many of the drivers of high prices are starting to be resolved. Shipping costs are now down almost 90 per cent from their October 2021 peak (as measured by the Baltic Dry Index), while crude oil prices have almost halved from March 2022. China is back open and international migration has started up again. 

“Even construction costs look like they are close to plateau. Importantly, US inflation has pulled back from its peak of 9.1 per cent in June to 6.5 per cent in December, with many of the drivers of inflation in this country similar to Australia.”

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