Former Stork Hotel sells for 80pc over reserve

The former Stork Hotel, on 1030 square metres, with the neighbouring Backpacker Auto Sales building, sold on Thursday for $11.8 million.

The reserve was $6.5m.

Two parties drove the difference.

Colliers International’s Matthew Stagg, the agent, refused to discuss details.

Nick Baldi is understood to be the buyer.

Other residential builders at the event, according to sources, included Tony Brady, Vince Giuliano, Francis Kwong and Central Equity representatives.

The Capital City Zoned 1 land opposite Queen Victoria Market has Elizabeth and Therry street frontage.

It had previously mooted for a 55-level complex with 250-300 units over retail.

Share or Recommend article

Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of