Waugh Follows Laundy into Redfern Play

Following its recent sale of Redfern’s Woolpack Hotel to the highly regarded Laundy Group, specialist firm HTL Property today confirms the sale of The Grosvenor Hotel to well known hotelier Ashton Waugh for $8.5M.

The sale was exclusively concluded by HTL Property on behalf of its overseas based Vendors; themselves having previously purchased the hotel through HTL Property from former CCA executive Denis Hickey in 2017.

Instructively, the transaction represents the boutique agency’s 20th NSW hotel sold during the second round of CV-19 closures; which is indicative of not only the industry’s resilience, but also the rewards available to investors on both sides of the transaction that can be enjoyed following positive action.

The Grosvenor Hotel is prominently located within the Redfern/Waterloo precinct, being situated adjacent the proposed Elizabeth Street affordable/social housing master planned community.

Separately, the hotel is situated on a 304 sqm landholding with a midnight liquor licence and 12 gaming machines attached. It was ranked #749 for the Jun-21 quarter and will benefit greatly from the nearby $22 billion Waterloo Estate which is forecast to deliver an additional 3,000 new dwellings to the area.

“The Waterloo catchment is set to undergo an exciting transformation over the next 10 – 20 years, and the buyers were both motivated and deliberate regarding securing a trading platform so close to so many large scale urban renewal projects” advised HTL Property Director, Blake Edwards.

This sale of The Grosvenor Hotel follows a veritable raft of inner city hotel transactions negotiated by HTL Property over the last nine months, including the Woolpack Hotel (Redfern), Strand Hotel (Darlinghurst), New Hampton Hotel (Potts Point), Hotel Hollywood (Surry Hills), O’Malley’s Hotel (Woolloomooloo) and the Old Fitzroy Hotel (Woolloomooloo).

“This transaction is arguably another example of our expertise and track record in selling city fringe hotels” suggested HTL Property Director, Sam Handy.

End.