Anthony Scali buys Double Bay hotel
Anthony Scali – the managing director of furniture chain Nick Scali – has paid $35 million for Double Bay’s Savoy hotel.
The four level investment on 616 square metres at 35-45 Knox Street was once the subject of a mid-rise residential development proposal.
It sold with a lease to the guesthouse expiring in 2024.
There are also three retail tenancies.
The vendor, a company linked to Charles Weitheim and Helen Whitney, spent $5.15m in late 2011 – when the property was offered with optional vacant possession.
Last August, Nick Scali Limited paid $6.6m for a warehouse in Adelaide’s south west Keswick, to rebuild then occupy.
Double Bay sales keep coming
Five weeks ago, Greater Union sold a mixed-use investment at 377 New South Head Road, Double Bay, for $25.5m – a price which reflected a sub four per cent yield (story continues below).
This property replaced the 1930s Vogue Theatre.
Colliers’ Miron Solomons and Matt Pontey with Ray White Commercial’s Grant Whiteman were the agents.
Also last month, Melbourne based Fridcorp, with Piety Group, outlaid $178m for the ex-Ritz Carlton, known nowadays as InterContinental Double Bay, with plans for a revamp which may include an extension.
In March, Aussie Home Loan founder John Symond acquired the unrenovated Piccadilly Court in the suburb (356-366 New South Head Rd) – for $21m – or $5m over reserve.
Late last year Ray White Double Bay principal Elliott Placks spent $7m on a low-rise office in the suburb, which will be replaced with a larger commercial building set to act as company headquarters.
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