First Sponsor - a property development and financing group that operates across China, the Netherlands and Germany, is set to join forces with ICD Property on the redevelopment of the almost 125-year-old City Tattersall club, signaling the group’s first Australian project.
The City of Sydney gave approval that allows for plans to rejuvenate the entire clubhouse; including retail, restaurants, along with plans for a 49-storey tower above the club, to the ICD Property for the first stage on it’s concept development earlier this month. First Sponsor will act as the sole construction financier, providing funding for the project’s delivery alongside it’s investor consortium.
ICD deputy managing director Sal Quah said the partnership was a “testament” to ICD’s vision for the City Tattersalls Club redevelopment. “Receiving construction funding from First Sponsor will allow for a more efficient and streamlined process with works on the City Tattersalls Club earmarked to commence following stage 2 approval,” Quah continued.
Article Source: https://theurbandeveloper.com/articles/icd-property-secures-jv--construction-finance-for-tatts-redevelopment
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