Chinese conglomerate Macrolink Group has finalised its purchase of the iconic Coca-Cola office building at Circular Quay in Sydney for A$158.8 million ($119 million).
The Beijing-based group which started as a timber and wood import and export company in 1990 already has a strong real estate pipeline in China, South Korea and Macau and is now expanding into Australia with its maiden project – transforming the 1207 sq m Coca-Cola building into 19 levels of luxury apartments, according to the Australian Financial Review.
Earlier this month, the group which has links to casino moguls Australia’s James Packer and Hong Kong’s Lawrence Ho, settled payment on the building, which it bought from financial services group, AMP.
Building a Residential Project Next to Wanda in Sydney
The site at 71 Macquarie Street was sold with approval for conversion to residential space already in hand. AMP obtained approval with former development partner, residential heavyweight Mirvac in 2014 but later put the project up for sale in 2015.
The site, with panoramic views of the Sydney Harbour Bridge and Opera House, sits near another high-profile Chinese residential development, Dalian Wanda’s $1 billion 179-room five-star hotel and 184-apartment project at Gold Fields House.
In comparison, Macrolink will build 109 apartments, four levels of retail and a new set of walkways and surrounding pedestrian areas around the building, in accordance with a voluntary agreement with the City of Sydney council.
Prices of the units have not been announced, but will reflect a premium, “one in a lifetime” quality. Construction is due to start later this year and is scheduled to finish in the second half of 2019.
The project will sit under its newly set up investment company, New Silkroad Culturaltainment based in Hong Kong and is being developed with a local joint venture partner, Landream.
Macrolink has big plans for Australia but has not announced other projects.