It has been confirmed that billionaire toymaker, Francis Choi, will buy a half interest in the $600 million Northpoint Tower at 100 Miller Street, North Sydney.
The stake will be bought through Early Light International (Holdings) Ltd, which was founded by Chairman, Dr Francis Choi in 1972. The company is one of the largest manufacturer of toys in the world and its businesses encompass manufacturing, property, automotive, watches and jewellery. Dr Choi has also made two purchases in the Sydney CBD for a combined total of $555 million.
The vendor and remaining partner is the Cromwell Partners Trust, a private, unlisted property fund owned by Cromwell Property Group and the South Africa based Redefine Properties Limited.
The joint venture purchased the property for around $287.7 million in 2013 and then embarked on a major refurbishment of it, worth an estimated $130 million. The re-development included additions to the podium to include a new supermarket and expanded retail and food premises with a new 10-storey Vibe Hotel and roof top bar.
According to North Sydney Cityscope the property is now a 32-storey office building with a two-level arcade of specialty shops and basement parking for 423 vehicles over six levels.
Tenants include the Vibe Hotel, a Woolworths, numerous small specialty shops and office tenants including National Australia Bank, JLL, Colliers International and Griffith Hack Lawyers.