Developer swoops on dormant hotel
The historic but empty Kings Head Hotel, in the heart of town, has been purchased by local residential developer AA Advancements.
The 780 square metre holding, 353-373 King William Street, at the north west corner of Sturt, also facing John cost $7.48 million.
Zoned Capital City, with the potential to yield a 53 metre building, it came permit ready for a 16 level serviced apartment complex with ground level retail, a first floor function space, 117 suites and a penthouse apartment.
AA, a family business, might apply for a taller building.
The Kings Head Hotel, opened in 1876, closed three years ago – also when it last sold, for $3.25m, and when the permit was issued to replace the western edge of the site.
Ray White Commercial’s Jack Dyson, Harry Einarson and Oliver Totani were the agents, acting for a mortgagee in possession.
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