Strata owners unite to sell Potts Point hotel
An Art Deco hotel in Sydney’s inner east will be converted to a build to rent investment after the 73 strata suite owners sold out.
Miami-based BGO Strategic Capital with Hotel Capital Partners, headquartered in Sydney, have paid $31.5 million for the Potts Point Central Hotel at 15 Springfield Avenue – a 577 square metre plot.
The five level, 4-star venue, with 70 apartments averaging 23 sqm, a ground floor retail space and activated rooftop, was offered vacant.
It is the biggest strata amalgamation deal since the pandemic, based on parties, CBRE’s Tom Gibson, who marketed the property with Angus Wildred, said.
End for Potts Point Central Hotel
Fifteen offers came in for the Potts Point Central Hotel, Mr Gibson said – a mix of developers, high net worth individuals and owner-operators.
BGO and HCP have appointed Melbourne-based UKO, to manage it.
In December we reported the owners of 22 apartments in a Greenwich complex united and sold to Central Element which is planning seniors living accommodation.
Four years ago meanwhile, a commercial investment in Melbourne’s South Yarra traded for $35m – the marketing agent, Emmetts’ Charles Emmett, dealing with 11 strata owners.
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