D.A. Approved Central Sydney Hotel Development Opportunity

HTL Property has been exclusively appointed to market for sale 810-812a George Street, Sydney; a multi-storey commercial building with development approval for a 188 bed, 10 storey Hotel / Backpackers.

Located within 350m* of Sydney’s Central Train Station and 1.3km* from the city’s CBD, 810-812a George Street is positioned on 279sqm* of prime land and offers 678sqm* of floor space.

The property was previously purchased in 2018 by a private family office, with a vision to develop a 188 bed 10 storey backpackers. However due to personal circumstances, the property has been listed for sale with price expectations in excess of $15,000,000.

“There are very few, if any, hotel development opportunities that are positioned in such a tightly controlled precinct opposite key transport infrastructure applications such as Central Sydney Station” advised HTL Property National Accommodation Director, Andrew Jackson.

“As such, opportunity for entry into this market is extremely rare, and we therefore anticipate both strong offshore and domestic interest” concluded Jackson.

“Surrounded by multiple demand drivers including four Universities, the Capitol Theatre, Darling Harbour and China Town; the proposed Hotel would benefit greatly from Sydney’s strong domestic and international inbound tourism recovery” added HTL Property Director, Nic Simarro.

“Pre CV-19, Sydney was regionally (APAC) regarded as a robust and consistent performer, with occupancy levels operating in the mid to high 80’s; and we wholly expect this level of business buoyancy to return in the short to medium term” concluded Simarro.

The property asset is currently leased on a month to month basis, with multiple value add opportunities available (STCA).

This exciting development opportunity is for sale by way of International Expression of Interest, closing 3pm June 9, 2021 (if not sold prior).

End.

*Approx.