A north facing Sydney CBD site within walking distance to Hyde Park and Central Station has just hit the market, and is highly likely to be redeveloped into over 200 apartments and 1,685 sqm of prominent retail space. Currently home to 191-room The Vibe Hotel at 182 Elizabeth Street, the site is situated on a unique island city block with prominent frontages to Elizabeth and Goulburn Streets.

The site is being sold through John Bowie Wilson and Tim Holtsbaum of Knight Frank and James Aroney and Mark Durran of JLL on behalf of the owner, Toga Far East Hotels. An international Expressions of Interest campaign closes on July 2.

“The residential and mixed use development potential of 182 Elizabeth Street is undeniable," said John Bowie Wilson, Knight Frank’s Senior Director, City Sales & Capital Markets. “We expect strong demand from domestic and offshore developers and investors looking for a unique land bank offering with holding income in the CBD. It is the cleanest site offering in the CBD for many years."

The agents said The Vibe Hotel generates substantial cash flow, and is available with ongoing management or flexible leaseback arrangements. Considering the site is close to the former Griffiths Tea building which was recently sold to Cornerstone properties and is being transformed into luxury New York-style Warehouse apartments, whoever buys it will most likely also want to capitalise on its residential redevelopment potential.