Chinese group buys Christopher Cheung's York Street office building in Sydney

Alistair WalshApril 7, 20130 min read

A Chinese group spent $19.8 million last week on a York Street office building in the Sydney CBD being sold by pub king Christopher Cheung.

The Beijing-based group could be primed to build a hotel or a residential building on the site. The buyers reportedly undertook little due diligence on the building before purchasing, suggesting a plan to knock down and rebuild.  

The 628 square metre property, at 32 York Street, was listed by Cheung late last year with $20 million-plus hopes.

The CBD property was marketed by Savills Australia agent Benjamin Azar with the potential for redevelopment into a hotel or residential scheme.

Owners of the nearby Grace Hotel reportedly had eyes on the site before the Chinese group came in, according to The Australian Financial Review.

The 1964-built building sits next to Sydney’s most iconic and well-known commercial office and retail strips, just south of King Street.

There are 763 square metres of retail space on the lower and upper ground floors and 4,111 square metres of office space on the nine upper levels.

The total gross income for the property sits at $1.47 million, with $920,675 coming from office rents, with another $476,961 coming from retail rents.

Cheung, the owner of Cheung Properties, currently owns and operates four businesses – The Bourbon in Potts Point (which he bought in 2010 with a revamped opening last month), The Coogee Bay Hotel in Coogee (which he plans to transform into a $150 million retail and entertainment hub), Cruise Bar in West Circular Quay and Key Largo Bar & Bistro in Rushcutters Bay.

Property Observer previously noted Cheung was selling the property to focus on his pub portfolio.

Alistair Walsh

Deutsche Welle online reporter
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