Boutique North Shore Hotel snapped up for $10m
Contact
Boutique North Shore Hotel snapped up for $10m
Sydney's 27-room North Shore Hotel has sold in an off-market deal for $10m with buyer interest driven by the prospect of capitalising on the future growth of North Sydney’s commercial precinct.
-
Image supplied by CBREBoutique North Shore Hotel sold for $10m
The 27-room hotel at 310 Miller Street, North Sydney comprises a manor house and is erected on an 881sqm block within High Density Residential Zoning. It was sold on a net revenue yield of 7%, following a competitive Expression of Interest campaign that fielded 130 enquiries and resulted in six offers.
Jason Lowry, Andrew Jackson, Aaron McLean and Nicholas Heaton of CBRE Hotels and Metropolitan Investments were exclusively appointed to market the property.
Mr Lowry noted buyer interest was driven by the prospect of capitalising on the future growth of North Sydney’s commercial precinct.
“North Sydney’s commercial precinct is projected for significant growth in coming years, particularly with the impending Sydney metro line. The property’s position along the busy thoroughfare of Miller Street, and proximity to key transport routes, means it will directly benefit from upcoming development both within North Sydney and in the Sydney CBD,” Mr Lowry said.
For more information contact Jason Lowry or Andrew Jackson via the below contact details.
See also:
Kingfisher Bay Resort Group portfolio sold for $43 million
