Greenland buys The Crest in Kings Cross

Greenland buys The Crest in Kings Cross
Jonathan ChancellorFebruary 6, 2021

China’s largest developer Greenland Group has bought the Crest Hotel in Sydney’s Kings Cross.

The property, with development potential, was bought from Sam Arnaout’s hospitality and development group Iris Capital.

Colliers International agent Miron Solomons handled the off-market transaction of the property on the Victoria Street and Darlinghurst Road corner.

Iris bought The Crest for about $65 million from Australand in 2012. 

Iris also owns the Bourbon bar and restaurant in Kings Cross, so has forgone the opportunity to bookend the Kings Cross strip with prestige projects.

The Victoria Street-Darlinghurst Road hotel has an end value of about $300 million with a $55 million development value.

The state-owned Greenland is set to float on the Shanghai Stock Exchange.

The Crest Hotel has development ­approval for 139 apartments.

Iris had plans to develop the 19-storey tower with an hourglass design by architects Durbach Block Jager.

Following a design competition held by the City of Sydney council, the concept for stage-one plans were approved.

Comparisons have been drawn between New York's Times Square and the new site for DBJ's The Crest.

All images from Durbach Block Jaggers.

 

Jonathan Chancellor

Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.

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