This article is from the Australian Property Journal archive
THE former Hugo’s Pizza Bar and Lounge in Potts Points has sold separately, netting receivers $1.685 million and $2.65 million respectively.
The properties were sold to local investors by Savills’ Robert Lowe.
Both lots were sold via public auction on Tuesday 1 December on behalf of Properties King Cross Pty Ltd, receivers and managers appointed.
Located at 33 Bayswater Rd the two lots comprised of the former Hugo’s Pizza Bar and the former Hugo’s Lounge, both were sold with vacant possession.
The pizza bar is situated on the ground floor and consisted of four strata lots, comprising a total of approximately 159 sqm.
The lounge and night club is situated on the first floor area and consisted of four strata lots, comprising a total of approximately 732 sqm, plus two car spaces.
“There was very strong and spirited bidding on each property, resulting in both properties exceeding their reserve prices.
“This was an outstanding opportunity for potential owner occupiers, investors, or developers to either reuse the space as a restaurant, night club, or other retail or , commercial uses. Additionally there is the option to potentially reconfigure the first floor area into commercial or residential use, subject to Council Approval,” Lowe said.
Australian Property Journal
