Yahoo Finance James Packer's penthouse perched on top of Barangaroo casino may sell for $100 million
A three-storey penthouse at the top of James Packer's proposed Crown Sydney hotel could be the first Australian property to shatter the $100 million barrier.
The billionaire businessman could potentially recover the money paid to acquire Crown’s Barangaroo casino license if the sale of the planned luxury home goes ahead, Fairfax has reported.
While Crown has not yet lodged a development application for the 69-storey tower proposal, CBRE chairman Justin Brown predicts the apartment might sell for up to nine figures.
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"The penthouse at One Hyde Park (in London’s Knightsbridge) sold for $255 million (£140 million) recently," Mr Brown told The Sydney Morning Herald, "Penthouse apartments are selling in New York and Hong Kong for $100 million".
Designs of the luxury home were revealed to industry insiders last week but it's not clear yet if the property will be privately sold or used as an accommodation for the big spenders.
Inside the Barangaroo casino tower
Crown paid the NSW government a $100 million licence fee for the right to operate a VIP-only casino for 99 years from November 2019.
It was awarded the casino licence without tender via the government's controversial unsolicited proposals process.
In return, Crown will pay the government $100 million within five business days, not including a $5 million deposit paid last year.
Barangaroo architect Chris Wilkinson favours taller towers for Sydney’s skyline http://t.co/7lwf5J0vFs #architecture pic.twitter.com/xDhzyVNaD3
— World Architecture (@WACommunity) July 24, 2014
Under the restricted licence, no poker machines will be permitted at the Crown Sydney Hotel Resort complex, on the southern end of Sydney's Harbour Bridge, once it begins operations after November 15, 2019.
There'll also be minimum bet limits and only members and guests will be able to play, with no access to the general public.
But smoking within the restricted gaming area will be allowed, pending the installation of international standard air quality equipment.
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In a statement, Crown said that during the first 15 years of what will be Sydney's second casino, the state government will receive at least $1 billion in taxes.
Crown Resorts chief executive Rowen Craigie described the approval as an important milestone for the planned complex.
"Crown and its chairman, James Packer, are committed to building a truly iconic six-star hotel for Sydney that will be recognised globally," Mr Craigie said.
"Crown Sydney will help bring additional international and domestic tourists to Sydney, create over 1,200 jobs and generate significant economic growth for New South Wales."
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