“Wisdom Fortune to build 152-room boutique hotel in Sydney Chinatown”

Jan. 18, 2016 – Australian Financial Review – http://www.afr.com/real-estate/wisdom-fortune-to-build-152room-boutique-hotel-in-sydney-chinatown-20160118-gm87cr

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Newcomer developer Wisdom Fortune has lodged plans to convert a five-storey warehouse in the Sydney central business district into a 152-room boutique hotel for $13.75 million.

The private company, headed by Stanley Fang and Fung Wa Wong, will also build a three-storey rooftop extension to “Buckle Chambers” at the corner of Sussex and Liverpool streets, which will serve as a new cafe or rooftop bar.

Wisdom Fortune will reconstruct the building’s Liverpool Street frontage, restore the original triple-arched openings to Douglass Street, and its original timber windows and external brickwork. Once completed, the three-star hotel will have seven floors of hotel rooms, a ground-floor lobby with a Douglass Street entry flanked by retail space and a cafe.

The developer will also create a new pathway connecting the hotel entrance to the separate Douglass Lane.

Hotel rooms will include eight family rooms with extra single beds.

The irregular-shaped 795-square-metre site at 53-55 Liverpool Street is home to commercial units and a basement nightclub, which will continue.

The property is in Sydney’s Chinatown and close to the the revitalised Darling Harbour precinct and the new Barangaroo development.

Wisdom Fortune’s offering is one of many recent new hotel development plans in the Chinatown area.

Crowne Plaza marked its return to Sydney after announcing a 160-room, four-and-a-half star hotel on the corner of Sussex and Bathurst streets in November.

Developer Ausboa is developing the mixed-use project which will also include 95 luxury apartments above the hotel.

On Bathurst and Pitt streets, Chinese developer Greenland opened its five-star Primus Hotel at the former Sydney Water Board site – the first for Sydney in 15 years – just before Christmas.

Read more: http://www.afr.com/real-estate/wisdom-fortune-to-build-152room-boutique-hotel-in-sydney-chinatown-20160118-gm87cr#ixzz3xlMjiuQ1
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