Sydney’s former Mill Hill Hotel has been transformed into a world class mixed residential and commercial precinct, with the Kospetas family’s Universal Hotel Group announcing itself as the successful winners of HTL Property’s operator selection campaign.
“We are proud to announce Universal Hotels latest venture, The Mill – Bondi Junction” advised successful operator Harris Kospetas.
With Kospetas advising that construction for the new premises commenced on June 1st, the multi-venue hotelier indicated his highly experienced family hospitality company, Universal Hotels, was eagerly awaiting commencement of trade at the new offering.
“We are excited about bringing the community an exceptional food, beverage and entertainment offering” Kospetas concluded.
The new development, situated at 59-69 Oxford St, will house a combination of architecturally designed residences, as well as ground floor commercial tenancies, including The Mill; an exciting high-end hospitality offering.
“Having successfully sold the Terminus Hotel for global property developer TWT, we were exclusively engaged to sell the leasehold interests for the ground floor of the firm’s outstanding NewLife project on the site of the former Mill Hill Hotel in Bondi Junction” advised HTL Property Managing Director, Andrew Jolliffe.
“This is the area’s second high end redeveloped hotel offering, with Iris Capital’s recent opening of the $75m + Grand Bondi Junction on Ebley Street and instant success” commented HTL Property National Pubs Director, Dan Dragicevich.
The hospitality industry is dotted with numerous examples of successful mixed residential/hospitality developments, including Cronulla’s Northies, the Dee Why Hotel, the Grand Hotel in Bondi Junction, Churchills in Kingsford and the Union Place Hotel in Sydney’s Jannali.
“The key to a successful marriage between these two asset classes, being residential and hospitality, is the equal parts union of quality and demand. Where demand is met by design led living and true precinct activation, sustainable and entirely compelling social hubs are the result and consequently demand for participation at both intersections is particularly high” added Jolliffe.
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