Popular Potts Point Central Apartment Hotel invites new owner to take over $35m joint

Sydney Potts Point Central Apartment Hotel, 15 Springfield Ave, Potts Point NSW

Potential hotel managers and operators have expressed interest in a newly listed inner-city hotel valued at circa $35m.

A group of 73 private owners gathered together to bring Sydney’s Potts Point Central Apartment Hotel to market.

Situated at 15 Springfield Ave, the four star hotel consists of 70 serviced apartments with a ground floor food and beverage outlet and a rooftop public amenity that enjoys CBD views.

The hotel is tipped to sell for circa $35m.

The sale is being managed via CBRE’s Tim Gibson, Harry George and Angus Windred, with the hotel situated near Kings Cross train station and Potts Point’s dining precinct.

“This is an opportunity to acquire a strategic foothold in Sydney – one of Asia Pacific’s most sought-after and tightly held hotel investment marks,” Mr Gibson said.

“Given that the hotel is offered with vacant possession, the incoming purchaser is afforded the flexibility of either partnering with one of the leading hotel managers that have expressed interest to operate it, or to alternatively run the hotel under their own positioning.”
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It is situated near Kings Cross train station and Potts Point’s dining precinct.

A potential buyer can convert the hotel into luxury residences, with Potts Point forecast to experience 30 per cent rental growth over the next five years.

Over the past two year, over 150 strata lots have been amalgamated and sold – including 104-118 Clarence St which forms part of Justin Hemmes’ Merivale site.

A number of strata lots have been amalgamated and sold in Potts Point.

“Our team has the experience and systems needed to co-ordinate complex amalgamations that achieve a premium price for the vendors, greater than single lot strata sales,” Mr George said.

“Sydney has welcomed multiple iconic boutique hotels in recent years, and with a thoughtful renovation Sydney Potts Point Central Apartment Hotel has the ability to establish itself as a leading boutique hotel with its excellent connectivity to the Sydney CBD and surrounding demand drivers.”

The Expressions of Interest campaign will close on the 13th July.