This article is from the Australian Property Journal archive
A CHINESE developer and investor has snapped up the Addison Hotel at Kensington in Sydney’s inner south-east for $17.1 million.
Ray White Commercial South Sydney’s Peter Kotzias handled the sale of the property at 147-151 Anzac Parade, 5km from the CBD, on behalf of a private local holding company.
The five-storey building trading as the Addison Hotel comprises 42 x 26 sqm serviced apartments, a 44 sqm manager’s apartment, 351 sqm of commercial space and basement parking for 35 vehicles, set on a land area of 1,453 sqm.
Kotzias said the property offered significant redevelopment potential.
“The purchaser will be operating the existing hotel/accommodation as it is for the time being and enjoying the current cash flow.
“There are plans to redevelop the property, which is zoned local centre, in the future subject to council approval (STCA),” he added.
“The hotel building is in a fantastic location just 5km from the Sydney CBD and only 700m to Randwick Racecourse and the University of NSW.
“The 12km Sydney Light Rail Link currently under construction will be potentially on the door step of the Addison Hotel site and provide an ultra-convenient public transport option.” Kotzias said.
Australian Property Journal
