Event sells Rydges North Sydney

Rydges North Sydney sold for $75 million.

Event Hospitality & Entertainment has offloaded the Rydges North Sydney as part of a $250 million asset disposal program announced last February.

JD North Sydney Services and JD North Sydney Business Pty Ltd, subsidiaries of Singapore’s Jaleel family’s High Street Holdings, are paying $75m for the guesthouse at 54 McLaren Street.

The property was previously deemed to be needing a major capital investment if it were to be retained, the vendor said.

CBRE Hotels’ Wayne Bunz and Michael Simpson were the agents.

The deal comes seven months since the ASX-listed group sold Laundy Hotels the Rydges Bankstown at Bass Hill, in Sydney’s south west, for a speculated $28m.

Also last year EHE offloaded a Miranda office for $7.8m.

In late 2019, the entertainment company divested the ex-Reef Cairns Plaza – which formed part of the $250m sell down it announced two months later.

The group’s property portfolio, after its recent sell down, is valued at $2 billion (story continues below).

Proceeds to retire debt: Event

Rydges North Sydney settlement is scheduled on July 24.

“Including the sale of Rydges North Sydney the proceeds from the property disposal process-to-date will total $275.3m, which represents a premium of approximately 28pc over the most recent valuations,” according to the seller.

“The group is currently pursuing the sale of Rydges Rotorua subject to a market process and achievement of an acceptable price.

“Further potential non-core property divestments remain under review”.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.