The Rushcutters Harbourside Hotel is Sydney’s latest contender for residential conversion. Jones Lang LaSalle Hotels and…
The Rushcutters Harbourside Hotel is Sydney’s latest contender for residential conversion. Jones Lang LaSalle Hotels and Colliers International have been jointly appointed as exclusive agents to market the 41/2 star, 245-room property on behalf of United Well Investments Pty Limited.
The Rushcutters Harbourside Hotel presents potential buyers with two options. Hotel owner operators have a rare opportunity to secure a major hotel in the strategically important market of Sydney said Mr Mark Durran, Senior Vice President, Jones Lang LaSalle Hotels.
Or, given the appealing location and contemporary design of the property, the new owner could convert and reposition the asset as high quality contemporary residential apartments, subject to the required approvals said Mr Christopher Martin, Director, Colliers International.
Only three/four kilometres from the Sydney CBD, the Rushcutters Harbourside Hotel is located in Sydney’s prestigious inner east suburb of Rushcutters Bay. It is adjacent to Rushcutters Bay park which lies on the foreshore of Sydney Harbour. The land parcel is approximately 3,616 square metres.
The property comprises a tavern and gaming facility, a restaurant and bar, five conference rooms, six levels of guestrooms. A roof top terrace features a heated swimming pool, gymnasium and sauna. In the current configuration, security parking is provided for 90 vehicles. The hotel is available for sale with vacant possession.
The property enjoys proximity to the entertainment precincts of Kings Cross, Darlinghurst, Potts Point and Paddington as well as recreational parks, harbourside walks and running tracks and public transport.
The Sydney hotel market is expected to show solid growth in Revpar for the next few years as the city continues to recover from the post-Olympic over-supply as a result of the continued contraction of competitive hotel room supply in Sydney.
Approximately 10% of the inner city’s hotels have been very successfully converted to residential apartments, the majority of which are located in the booming inner east suburbs.
The eastern suburbs have always been a very popular part of Sydney for both renters and owner-occupiers, its proximity to the beach and the city makes the area extremely desirable said Mr Durran.
The Rushcutters Harbourside Hotel is being offered for sale by private treaty.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.