This article is from the Australian Property Journal archive
SYDNEY's beachside icon, the Hotel Bondi, has been put on the market for the first time in nearly 44 years.
JLL Hotels & Hospitality Group national director of investment sales John Musca has been appointed to sell the property via an international expressions of interest campaign closing 2 September 2014.
Musca said the property is Bondi’s most recognised landmark and certainly the most aspirational hotel opportunity ever offered.
The four-level hotel was extensively renovated at a cost of $6 million in 2013 and includes 37 ensuite rooms, ground floor bar, gaming room with 30 gaming machine entitlements, bottle shop and 12 car spaces.
Musca said Bondi is in the midst of a significant transformation and the hotel is strategically situated adjacent to the world class and soon-to-be-completed Pacific Bondi Beach, a luxury apartment / boutique hotel and hospitality development, and only metres from the recently opened Toga Group’s Boheme Bondi Beach luxury apartments and Adina Hotel complex.
“These quality developments along with the Investec ‘Beachhouse’ luxury apartment and retail complex next door, point to mixed-use conversion as a viable alternative use of this extraordinary property.” JLL capital markets director of investment sales James Aroney said.
“With the sale of the penthouse luxury apartment at neighbouring Pacific Bondi Beach for $21 million reflecting a rate of $41,000 per sqm, residential demand for the location cannot be ignored,” he added.
The hotel will be offered with vacant possession, however Musca said prospective short or long term tenancy interest has already emerged, which could provide a passive, fixed income for developers and investors whilst they optimise and finalise a range of mixed-use conversion opportunities (STCA).
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