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.
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.
Subscribe to our newsletter at the bottom of this page.