Surry Hills City Crown Motel has $10m price guide as Darlinghurst’s Burdekin Hotel sells for $15m
A rundown inner-city motel with city views has hit the market with a $10m price guide, as the Burdekin Hotel was snapped up by a local investor for $15m.
The City Crown Motel at 287-289 Crown St, Surry Hills, is set for December 2 auction via IB Property’s Paul Grasso, Steffan Ippolito and Adam Droubi.
Some of the online reviews are far from flattering about the state of the establishment’s 28 rooms during its life as a motel, but there’s little doubt the prime location — next door to The Winery and popular Pieno cafe — would make a top spot for a revamped hotel or up-market apartment development.
“The property will attract hoteliers, developers looking to reposition to residential and high-net worth trophy hunters,” Grasso said.
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City Crown Motel at 287-289 Crown St, Surry Hills.
City views.
There’s’s also an existing cafe downstairs and a liquor licence.
Ippolito added: “This is a once in a generation opportunity to purchase a hotel on Crown St in the heart of Surry Hills with three street frontages and further redevelopment.”
The old motel, which has basement parking, is owned by investors who bought it for $8.8m in 2015.
Other advantages are the city views from some of the balconies and the northerly aspect.
There’s also an existing cafe downstairs and a liquor licence.
The site previously had development approval for a new 42 boutique hotel by adding an additional three storeys, but that has now lapsed.
“There hasn’t been a motel in Surry Hills offered for many years,” Ippolito said.
“The fact you can refurbish it as a cool hotel or residential development will be very attractive as you don’t find these parcels of land on Crown St that often.”
The rooms are rundown, but think of the potential!
The property last traded for $8.8m in 2015.
Meanwhile, Darlinghurst’s Burdekin Hotel has sold with investors snapping up the four-level building for $15m via Ippolito and his colleague, Dimitrios Franze.
The property features a recently added rooftop bar — one of Sydney’s best — which is likely to be extremely popular as the city re-emerges from lockdown, with its views over Hyde Park and the east towards the harbour.
The rooftop bar is back open post-lockdown and offers “cocktails, pub-style Italian food and one helluva happy hour”.
The landmark Burdekin Hotel on Oxford Street, Darlinghurst has sold for $15m.
Built in the 1840s and originally known as Flanagans, the four-level pub was later renamed in honour of Thomas Burdekin, an ironmonger who became a wealthy and successful merchant and landholder.
Expressions of interest closed on October 21.
They’d had a $15m price guide.
