Two historic Sydney CBD sandstone buildings, which now house NSW bureaucrats, will be redeveloped into a world-class luxury hotel in a 20-year lease worth more than $35 million for the state government.
The century-old heritage-protected buildings on Bridge Street, used by the Department of Education and the Department of Planning and Environment, will undergo an estimated $300 million refurbishment into a 240-room hotel by Singapore-based property developer Pontiac Land.
NSW Minister for Property, Dominic Perrottet, made the announcement on Wednesday, saying the deal will save taxpayers millions on maintenance of the buildings and boost the economy by $185 million over the 20 years.
"These iconic heritage assets will be enjoyed by locals, tourists and visitors, rather than just being used as offices for bureaucrats," he said.
Construction will start in 2018.
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