Capsule hotel collects $13.5m
One of a handful of Australian capsule hotels – built into a small seven storey Haymarket building – is speculated to have sold to an offshore investor for $13.5 million.
The result for the Space Q at 752 George Street reflects a 4.2 per cent yield.
The vendor, Roje Brothers Pty Ltd, held since 1992.
Knight Frank’s Linda Zhu and Dominic Ong with Savills’ Jordan Lee and Andy Hu were the agents.
Space Q Capsule Hotel
Established in late 2017, Space Q contains 60 pods across the top four floors.
With single and double beds, capsules cost less than $60 per night.
The bottom three levels are a restaurant, leased to Hisshou Teppanyaki.
All up there is 966 square metres of lettable area (story continues below).
The site, spreading 231 sqm in Sydney’s Tech precinct, could accommodate a c15 level building.
The deal comes three months since developer Anson Group paid c$50m for the suburb’s popular Golden Century restaurant, on 708 sqm.
A c14 floor structure is anticipated there.
Last year, Vietnam backed Arthur Winston Investments purchased a collection of neighbouring Haymarket properties, including the historic Seagrave House, for c$25m.
All up covering 560 sqm, that holding was marketed for its potential to yield a c17 storey tower.
Elsewhere in the area, near Central train station, Dexus and Frasers Property Australia recently received the green light to construct an office based mixed use project with a c$3 billion end value.
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