Singaporean developer Pontiac Land to redevelop sandstone buildings

Singaporean developer Pontiac Land has successfully won the long-term lease of the Lands Building at 23-33 Bridge Street and the 1915 Education Building at 35-39 Bridge Street, commonly known as the sandstone buildings. 

Pontiac will pay Government Property NSW $35 million for the lease, together with a commitment to undertake an estimated $2 to $300 million refurbishment of the heritage sandstone buildings into a luxury boutique hotel.

The new hotel is expected to bring in an estimated $185 million for the NSW economy over the next 20 years. Construction is expected to commence after the buildings are vacated in 2018, with the hotel expected to open about 3 years later.

The Property Council’s Hotel Property Committee has long advocated for the sensible adaptive redevelopment of these valuable heritage assets. We applaud the government for opening up this opportunity.

Hopefully this will lead the way for more innovative, high quality investment in tourism infrastructure in a city that is otherwise constrained and virtually at capacity.  The Property Council also commends the use of the lease proceeds to fund infrastructure, which will help to unlock employment and housing.