Clovelly Hotel sold in record $34 million deal
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Clovelly Hotel sold in record $34 million deal
The sale of the freehold interest in 'The Cloey' is rumoured to be worth nearly $34 million which represents a circa 5% yield, a record for large hotel investment properties in deal brokered by JLL National Director John Musca and Colliers International Director Miron Solomons.
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Colliers InternationalThe Clovelly Hotel sold for $34 million by John Musca and Miron Solomons -
Colliers InternationalThe Clovelly Hotel sold for $34 million by John Musca and Miron Solomons -
Colliers InternationalThe Clovelly Hotel sold for $34 million by John Musca and Miron Solomons
The freehold interest in the Clovelly Hotel has been sold to private investors in a deal rumoured to be worth nearly $34 million and representing a circa 5% yield, a record for large hotel investment properties.
JLL National Director John Musca and Colliers International Director Miron Solomons managed the sale with the hotel selling shortly after the closing of EOI's. The hotel was previously incorrectly reported as being sold to hospitality industry leaders MorSo, a JV between celebrity Chef Mat Moran and Bruce Solomons Solotel. MorSo have actually secured a 20 year lease on the hotel business which also happens to be Morans Clovelly local.
Musca declined to comment on the sale other than to say that "as expected the opportunity was keenly contested, with wide-ranging local, interstate and offshore interest, not surprising given the asset profile and the fact that residential property in the area is selling for nearly $28,000 psqm today".
"Clovelly represented a compelling, annuity-based investment with great underlying property" Miron Solomons suggested.
The four level hotel occupies a prominent 1,708sqm site area offering extensive ocean views and outdoor beer garden, and included 14 hotel rooms, basement carpark and 15 gaming machines. The hotel was sold within days of the EOI closure.
Sydney has seen a spate of recent landmark beachside asset sales with Colliers International sale last month of 134-138 Campbell Parade Bondi Beach for $18.25m at a ground-breaking 2.7% net yield highlighting the continued flight of capital towards quality prime eastern-suburbs Sydney property and "reflecting a robust $43,000pm2 for the land” according to Miron Solomons.
It followed their sale of the adjacent famous Bates Milk Bar corner at 124 Campbell Parade for $19.2m last September, capping a remarkable run of Bondi asset sales platformed by the growing success of the Pacific Bondi complex which redefined the precinct and has spurred the next development phase.
For further sales details contact John Musca of JLL or Miron Solomons of Colliers International via the below contact details.
See also:
Get to know John Musca of JLL
Sydney freehold gaming hotel sold for $30 million
