A foreign investment fund has acquired a property in the heart of the Sydney CBD, which it plans to convert into a nightclub, according to an article in the Australian Financial Review.
The $100 million investment is being undertaken by The City of Soho Group, which also owns a portfolio of property in Sydney’s inner west.
The property, on the corner of South and Swanston Streets, will be used to develop the nightclub The Stomp, which will be open to the public.
The development of The Stomper is one of several developments in Sydney being overseen by The Streetcar Company and The Streetcrafters, who own and manage properties in the CBD.
“It’s exciting for me that The Streetcars have been able to put together the right vision for Sydney,” said David Jellis, who owns The Streetcrackers, and who was previously the Managing Director of The Street Cars.
“The Streetcars are a very diverse group of people, who are doing things differently than the big operators in the city.
They’re bringing a unique experience to the city.”
The City of London property, which was previously owned by the London Development Company, was purchased for $1.7 million by TheStreetcrafter.
The Streetcrawlers are building an international-style nightclub and bar in a development being developed by TheCity of Suckowes in the western part of the CBD, near the intersection of South Street and Southbank.
The Stomp is the brainchild of former Sydney resident James Burt and his wife, Jenny.
The couple had recently moved to the area and wanted to create a “club experience” in a unique location.
“We wanted a place that would be a great mix of the traditional and contemporary elements,” Mr Burt said.
“You wouldn’t have to leave the city, but you would have to go somewhere completely different.”
He has already built the venue, which is expected to open in 2019.
“Our vision is to create an authentic, lively and relaxed atmosphere that will complement the vibe of the neighbourhood,” Mr Jelliss said.