Bennelong's Cadmus restaurant space set for residential conversion by Moran healthcare family

The family behind the Moran healthcare network have always been regarded as savvy property players.

And their quiet addition to their already extensive holdings within Sydney’s landmark Bennelong complex is further proof.

The $24.6 million acquisition was the former 13th floor Cadmus restaurant premises which has taken their expenditure within the so-called Toaster complex to some $47 million over the past seven years years.

Significantly they saw a prized residential conversion opportunity. They are now proposing a $2.62 million Allen Jack + Cottier conversion with plans lodged with Sydney City Council for two luxury apartments in the space directly opposite the Opera House and Harbour Bridge.

The residential conversion plans are for two apartments totalling 837 square metres on the top floor of 1 Macquarie Street. The plans are currently on public exhibition.

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Their total lot size acquisition was around 1000 square metres so reflecting around $24,000 a square metre.

But the Moran's had previously paid up to $64,000 a square metre for a prime northern tip apartment in 2008 on the 12th floor in 2008 when they bought from the neighbours, the Lintott car dealership family. It was a 260 square metre unit, with four car spaces.

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The Moran's own most of the 12th floor, with just the one gap which is owned by the late hotelier Cyril Maloney and his widow, ­Margaret.

The Moran's latest plans will see the 12th floor and 13th floor connected by staircase and lift.

The Maloney's own the entire 11th floor having purchased all four apartments in 2009 for $13.9 million.

The 715-square-metre 11th floor Maloney holding is expected to hit the market this year.

The Moran's could be expected to compete for the 12th floor apartment to consolidate that floor.

news@propertyobserver.com.au

Jonathan Chancellor

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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