Crest

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China’s largest developer Greenland Group has bought the Crest Hotel in Sydney’s Kings Cross.
The property, with development potential, was bought from Sam Arnaout’s hospitality and development group Iris Capital.
Colliers International agent Miron Solomons handled the off-market transaction of the property on the Victoria Street and Darlinghurst Road corner.
Iris bought The Crest for about $65 million from Australand in 2012. 
Iris also owns the Bourbon bar and restaurant in Kings Cross, so has forgone the opportunity to bookend the Kings Cross strip with prestige projects.
The Victoria Street-Darlinghurst Road hotel has an end value of about $300 million with a $55 million development value.
The state-owned Greenland is set to float on the Shanghai Stock Exchange.
The Crest Hotel has development ­approval for 139 apartments.
<img src="https://durbachblockjaggers.com/file/02-crest-hotel_550a6539cd7ae-projectImage.jpg">
Iris had plans to develop the 19-storey tower with an hourglass design by architects Durbach Block Jager.
Following a design competition held by the City of Sydney council, the concept for stage-one plans were approved.
Comparisons have been drawn between New York's Times Square and the new site for <a href="https://durbachblockjaggers.com" target="_blank" style="line-height: 1.3em;">DBJ's The Crest</a>.
All images from Durbach Block Jaggers.
 
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Greenland buys The Crest in Kings Cross

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A two-level, two bedroom, three bathroom Omnia apartment situated in the heart of Kings Cross with city skyline views is now on the market.
It is being offered by Robert Alfeldi and Caroline Fagerlund from CBRE Residential Agency as its off the plan buyers move towards imminent settlements. 
The Omnia unit at <a href="https://www.realestate.com.au/property-apartment-nsw-potts+point-129404070" target="_blank">15.16/226 Victoria Street</a> consists of two large bedrooms with ensuites, open plan living, kitchen and dining, balcony and secure car parking.
Its off the plan purchase price has not been revealed.
Greenland sold 70 percent of the residential apartments at Omnia, at 226 Victoria Street, on the first day of the November 2015 sales launch, including an $11 million penthouse.
At the time the price advisory was one beds (average 53 square metres) from $775,000; twos (average 89 square metres) from $1.5 million; threes (average 124 square metres) from $2.7 million. 
<a href="http://www.omniapottspoint.com.au,/" title=""></a>The initial completion guidance was early 2018.
<img src="https://www.urban.com.au/images/2018/9/25/potts%20point%202.jpeg" alt="">
The architectural curve of Omnia's design providing extra wide panorama of the City, Harbour bridge, Opera House and Harbour from both levels.
Alfredi says the listed apartment "enjoys some of the finest views available in the building."
The suburb's median unit price sits at <a href="https://www.urban.com.au/expert-insights/buying/3805-potts-point-nsw" target="_blank">$641,000</a>, according to CoreLogic. 
<img src="https://www.urban.com.au/images/2018/9/25/potts%20point%203.jpeg" alt="">
It was March 2017 when construction on the $300 million mixed-use project Omnia in Potts Point began.
Located on the former Crest Hotel site at the intersection of Darlinghurst Road and Victoria Street, Omnia has135 apartments over 19 storeys, an hour-glass façade, a Woolworths, other specialty retailers, and a proposed top-tier restaurant.
The project’s communal facilities include a landscaped outdoor BBQ area, community garden and residents’ private wine room and lounge.
The penthouse in Omnia sold for $11 million, with the $60,000 per sqm purchase rivalling some of the most expensive apartments across the globe.
CBRE confirmed the sale price of $60,000 per sqm for the penthouse which will be 182 sqm internal, but 323 sqm in total, including terraces.
The buyer, a European national and Australian resident, plan to live in the three bedroom apartment.
 
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