EVT puts Sydney CBD entertainment complex up for sale
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The news: Cinema and hospitality group EVT has listed its landmark Sydney CBD entertainment site at 525 George Street for sale.
The numbers: EVT said the offering is the largest mixed-use development site offered to the market in Sydney's CBD since the 2022 sale of One Circular Quay.
The property comes with a stage 2 development approval for a 43-level, mixed-use tower including residential, hotel, cinema and retail space. The high-rise levels of the tower would include 98 luxury apartments and a 5-star hotel with 285 rooms.
The existing Event Cinemas complex currently operates 16 screens across the 525 and 505 George Street properties. The full complex will remain operational until the 525 George Street redevelopment commences, after which the 11 screens at 505 George Street will continue to operate.
The context: "We are delighted to have listed with CBRE one of our prime Sydney CBD freehold properties at 525 George Street, presenting a rare opportunity for an investor to secure a landmark development site," said EVT's CEO Jane Hastings.
"This proposed sale aligns with EVT's ongoing strategy to recycle capital and pursue new growth opportunities."
The source: ASX
