Home World Business Wanda launches $1b One Circular Quay project

Wanda launches $1b One Circular Quay project

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The mixed-use scheme is located at No. 1 Alfred Street on Circular Quay, and incorporates a five-star Wanda Vista Hotel, ... The mixed-use scheme is located at No. 1 Alfred Street on Circular Quay, and incorporates a five-star Wanda Vista Hotel, 190 exclusive private residences, and boutique retail premises Photo: supplied

Gold Fields House, one of the most well-located office towers in Sydney with views across the Harbour Bridge, the Opera House and out to the Heads, has closed and will be reborn as One Circular Quay, complete with a penthouse property that agents tipped could be worth as much as $60 million.

Chinese giant Wanda plans to start demolishing the tower at No.1 Alfred Street for a mixed-use scheme incorporating a five-star Wanda Vista Hotel, 190 exclusive private residences, and boutique retail premises.

Wanda bought the site for $425 million in December 2014. Demolition work started in late March 2017 by Delta and will be completed in March 2018, after which construction of One Circular Quay is scheduled to start.

Once completed it will be a bookend to the planned redevelopment, at the eastern end of Circular Quay: AMP Capital’s $1 billion Quay Quarter, encompassing the rebuilt 50 Bridge Street and the upgraded 33 Alfred Street.

There will also be a new-look ferry terminal at Circular Quay, while Dexus Property has recently upgraded the nearby Gateway building’s retail precinct. Mirvac and Lendlease are also undertaking developments of older buildings in the Circular Quay zone.

Under the Gold Fields House redevelopment plan, being developed by Wanda One Sydney Pty Ltd, a fully owned entity of the Wanda Group, one of the world’s largest property developers, the luxury Wanda Vista Hotel will be the first new five-star hotel project to open on Circular Quay since 2014.

It will add to the group’s Jewel hotel, the largest five green star development on the Gold Coast.

As the largest owner of five-star hotels in the world, Wanda is operating its international hotels under the Wanda Vista brand, with hotels under development in London, Beverly Hills, Chicago, the Gold Coast and Istanbul.

The new hotel at Circular Quay will have 181 guest rooms, with “unparalleled views across Sydney Harbour”. The 28-storey hotel tower is being designed by Sydney-based Crone Architects, in collaboration with architects Kengo Kuma & Associates from Tokyo, Japan.

It comes as more global hotel brands are seeking sites across Sydney. One trigger has been the opening of the International Convention Centre at Darling Harbour, which has brought an influx of overseas guests, and hotel operators say Sydney remains under-supplied for rooms.

The 60-storey, 190 private residences are to be known as One Circular Quay. The designer is Kerry Hill Architects and the interior design is by Bates Smart.

Wanda representatives said the location and high-spec finishes would appeal to high-net-worth investors and occupiers and would not likely be affected by any concerns of apartment oversupply in the city.

At the base between the two towers will be a 518-square-metre area designed as a “cultural revitalisation of public space”, including boutique high-end retail and public art spaces fronting Alfred and Pitt streets.

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