Sydney office block destined to be hotel

An office building at 175 Liverpool Street in the Sydney CBD is likely to be sold to Hong Kong-listed property development company Shimao Property Holdings controlled by billionaire Hui Wing Mau.

The company is conducting due diligence to buy the site from Singaporean investment company GIC Real Estate for an apartment and hotel development worth up to $1 billion.

The 28-storey tower with Hyde Park views has an area of about 46,320m².

GIC bought the office block for $125 million in 1996.