This five-star serviced apartment complex features 199 apartments, including studio, one and two bedroom apartments with a kitchenette, large separate living rooms, en-suite bathrooms, internal laundry, air-conditioning and large private balconies. Facilities include large spa and sauna, indoor heated lap pool, fitness centre and 85 secure underground car spaces. 

JLL Hotels & Hospitality has been appointed by Meriton Group to market for sale the largest serviced apartment complex in the Macquarie Park area. Meriton Group acquired the site in 2012 and developed serviced apartment complex on the site.  

Meriton Group, Australia’s largest apartment developer. Meriton currently operates 17 Meriton Suites properties across Australia.  

The complex features a substantial average room size of 45sqm (approx.) and is the largest accommodation offering in the area in terms of room inventory subject to obtaining the relevant approvals this is also an opportunity to strata subdivide the apartments and sell down on an individual basis. Under current planning controls there is also potential for significant GFA uplift of 4,856sqm. 

JLL Hotels & Hospitality Group, CEO Australasia, Craig Collins, said “The property is well-established with a high occupancy in the order of 90% and strong annual year-on-year revenue increases. The complex suites and grounds have been maintained to a high standard and no immediate capital expenditure is required”. 

The complex occupies a strategic freehold site, offered with vacant possession or with the current management in place. This rare investment opportunity, held in a coveted accommodation market, is well-positioned to capitalise on the future momentum of Sydney’s growth as the local market goes from strength to strength. 

The sale of the Meriton Suites North Ryde follows a year of subdued transaction activity across Sydney as there is limited stock available for sale. The most notable deal of 2017 was the sale of the InterContinental Double Bay brokered by JLL Hotels & Hospitality Group at a price per room of circa $1m, representing the highest figure paid for an asset outside of Sydney City, demonstrating the demand for quality Sydney assets.

Sydney has recorded strong trading performance through 2017, with STR reporting a market wide accommodation market RevPAR increase of 9.3% as at YTD November 2017, primarily driven by an increase in ADR through the year. Due to a constrained supply pipeline across the city, the already high occupancy rates in central Sydney are allowing property owners to drive room rates throughout the year, YTD November 2017 has seen ADR reach $260, up from $241 over the same prior period.

The Sydney accommodation sector is one of the most sort after markets across Asia Pacific. Global investors remain drawn to the stable and transparency of the Sydney market and place the country’s growth fundamentals in high regard. 

The Meriton Suites North Ryde is being offered for sale by way of an Expression of Interest campaign closing at 12pm (AEDT) on Thursday 22 February 2018. 

To discuss the sale in more detail contact Craig Collins or Andrew Langsford of JLL via the below contact details.

See also:

Western Sydney's Holiday Inn hotel opens its doors

New hotel development opportunity for Sydney’s Iconic Sirius Building

Folkestone launches Green Square Hotel fund

This is a promoted article.