Empty But Completed Lotus Tower in Kangaroo Point Sold for $100+ Million

Lotus Tower
Photo Credit: Google Maps

Lotus Tower, a 21-storey apartment building in Kangaroo Point, empty since its completion in 2019, has been sold for $100+ million. Its new owner plans to convert the building into a build-to-rent facility.

Blackstone, one of the biggest global equity firms, bought the Lotus Tower from the R&F Property Group in early May 20201 after it remained vacant since late 2019. At that time, R&F Property Group’s Australian operations suffered financial losses and had to be rescued by its parent company in Hong Kong.

But the Chinese-backed firm’s troubles didn’t end there as delays in the new building’s occupancy followed. The Lotus Tower, distinctive for it green-coloured hues, has 200 apartment units with a beautiful river view. However, R&F Property Group decided not to sell at least 10 percent of the units or appoint real estate agents during the construction phase.

Photo Credit: Reddit

The apartment’s marketing wasn’t done until the developer received its final certification in late 2019. By the time they were ready to unveil the building to investors, the sales process was hampered by COVID-19. 

R&F Property Group said that they decided to sell the building in “one line” after large-scale investors expressed significant interest. Aside from Blackstone, Serenitas Group also had its eye on the building as a vertical retirement home.

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Lotus Tower, located on Lambert Street, is considered a high-end apartment with its own sauna, private dining rooms, gaming and media rooms, gym with golf simulator and an infinity-edge pool. If sold per unit, however, the tower would have amassed over $150 million.