Luxury hotel to take over Clocktower Square in Sydney’s Rocks precinct
A view of The Rocks in Sydney shining today in golden light after sunrise.. Picture: NCA Newswire / Gaye Gerard
Singapore’s Far East Organisation is planning to develop a new hotel in Sydney’s Rocks district, with a proposal to redevelop the Clocktower Square with a new luxury property.
A new, high-end 200-room hotel has been proposed by Far East at 35-75 Harrington St, The Rocks, as well as new food, beverage and retail outlets along all the street frontages to activate the precinct.
The development is one of a series of hotel proposals in Sydney, with Mulpha planning a four-star hotel in Sussex St and operator Accor just opening the Porter House Hotel and the rebranded Mercure Sydney Martin Place.
Far East has appointed FJMT Architects to lead the design of the development across its space of about 3599sq m. This will include a rooftop space offering panoramic views of Sydney Harbour and its surrounds.
The existing building on the site is a commercial building with offices and retail tenancies, built more than 20 years ago.
It comprises a two-storey retail arcade, six-storey office tower and the 61-room Rendezvous Hotel, close to Wynyard Railway Station and Circular Quay ferries.
The Clocktower structure is the highest point in The Rocks, visible from many parts of the city, and serves as a landmark Sydneysiders and visitors look for to orientate themselves towards the district.
Place Management NSW is the freehold owner of the site, with Far East a long-term leaseholder.
The Singaporean group acquired the Clocktower Square complex for $72m in 2013 from billionaire Bob Ell with the aim to create a “very high-quality” development that would complement the character of The Rocks.
Since Far East secured its lease of the site in 2013, the company has been progressively exploring options to revitalise the site for accommodation and tourism-related endeavours within historic Rocks precinct.
There has been plenty of activity in the area. In September, the Crystalbrook group swooped on The Rydges Sydney Harbour Hotel, also in the Rocks precinct, for about $100m. That hotel has about 176 rooms across two buildings, including an eight-storey heritage building and a six-storey 1980s development.
The hotel was sold by New Landmark Hotels, which had held the property since 2003. New Landmark’s partners were businessmen Chandru Tolani, Jack Tolani and David Rickards.
Far East has invested $2bn in partnerships and acquisitions since 2013, and has more than 20 quality operating assets and development sites in its portfolio.
Controlled by the billionaire Ng brothers, Far East largely owns office blocks, including Kerry Packer’s former headquarters in Elizabeth St.
In 2017, the group purchased the majority of the historic Sydney GPO complex from Australia Post for $147m and upgraded the building’s lower-level restaurant and cafe area, beneath The Fullerton Hotel Sydney.
