One of Sydney's most iconic sandstone landmarks, that has been closed to the public since 1800s, will be transformed into a world-class luxury hotel. The heritage-listed 'Sandstones' on Bridge Street in Sydney's CBD, which were reserved as government offices, are due to undergo a AUD300 million redevelopment in 2017. Back in September 2015, one of Singapore’s largest property developers – Pontiac Land Group, attained development rights for these two highly sought-after buildings. They will reportedly pay the NSW government AUD35 million for the 103-year lease. Designs for the buildings unveil plans for a ground-level retail, dining, rooftop salon and more than 250 hotel rooms and suites. To be completed by the end of 2020, the hotel development is expected to deliver a boost to the NSW economy by yielding more than AUD185 million over the next 20 years and creating 350 new jobs. This is also anticipated to help increase overnight visitor expenditure from AUD18.3 billion in 2009 to achieve the AUD36.6 billion target by 2020.
HVS APAC HOSPITALITY NEWSLETTER.