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The four-star hotel comprises 70 serviced apartments, averaging 23sqm, a ground floor food and beverage outlet and a rooftop public amenity with views of Sydney’s CBD.
SYDNEY – A group of 73 private owners has clubbed together to sell Sydney’s Potts Point Central Apartment Hotel with price expectations of circa $35 million. Located at 15 Springfield Avenue, the hotel has been listed for sale as an in-one-line, strata-titled hotel, which is available with vacant possession.
CBRE Hotels’ Tom Gibson and CBRE Capital Markets’ Harry George and Angus Windred are managing the sale via an Expression of Interest Campaign closing 13 July 2023.
The four-star hotel comprises 70 serviced apartments, averaging 23sqm, a ground floor food and beverage outlet and a rooftop public amenity with views of Sydney’s CBD.
Potts Point is Sydney’s number one dining precinct and offers a mix of cultural dining experiences from high-end restaurants to late night speakeasies.
Serviced by Kings Cross Train Station, the hotel positioning also provides connectivity to the Sydney CBD. “This is an opportunity to acquire a strategic foothold in Sydney – one of Asia Pacific’s most sought- after and tightly held hotel investment markets,” Mr Gibson said. “Given that the hotel is offered with vacant possession, the incoming purchaser is afforded the flexibility of either partnering with one of the leading hotel managers that have expressed interest to operate it, or to alternatively run the hotel under their own positioning.”
“Sydney has welcomed multiple iconic boutique hotels in recent years, and with a thoughtful renovation Sydney Potts Point Central Apartment Hotel has the ability to establish itself as a leading boutique hotel with its excellent connectivity to the Sydney CBD and surrounding demand drivers.”
Mr George added, “Given the tight residential rental market in Sydney’s eastern sub urbs, there is also an opportunity to convert Sydney Potts Point Central Apartment Hotel into luxury residences to take advantage of the area’s forecast 30% rental growth over the next five years.”
CBRE’s Capital Markets team has been a leader in strata amalgamations within the Sydney CBD and city fringe, having amalgamated approximately 150 strata lots across five buildings in the past 24 months. This includes 104-118 Clarence Street, which forms part of Justin Hemmes’ Merivale development site.
“Our team has the experience and systems needed to coordinate complex amalgamations that achieve a premium price for the vendors, greater than single lot strata sales,” Mr George said.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
