DA Approved George Street Hotel Sold by HTL
Specialist brokerage firm HTL Property is proud to announce the individual sales of both 806-808 George Street and 810-812a George Street, Haymarket, to Arthur Winston Investments Pty Ltd; a Vietnam based investment group, for in excess of twenty-five million dollars.
Having been initially appointed on 810-812a George Street, HTL Property Directors Andrew Jackson and Nic Simarro were able to secure the purchaser for this site before amalgamating 806-808 George Street as part of a broader deal.
The dual frontage properties combined realise a 560sqm floor plate next to Sydney’s Central Station and offers 7.5:1 FSR and a fifty-metre height limit.
810-812a George Street enjoys a development approval for a ten storey mid-scale hotel or hostel, however the adjacent land acquisition will now open a range of further opportunities to the Purchaser.
“Hotel development opportunities across Sydney and the regions are attracting strong interest from experienced and new capital sources” notes HTL Property Director, Nic Simarro.
“In the past three months, we have been able to close deals on three sites to off-shore Asian based investors, some of which had not physically been able to visit the property they were purchasing” added Simarro.
“As such and given the current border and travel restrictions in place, we have been required to reimagine sale processes when contemplating dealing with off-shore capital sources” concluded Simarro.
“The importance of detailed virtual data rooms (VDR) and video have been essential to our success” advised HTL Property National Accommodation Director, Andrew Jackson.
“Providing comfort to groups who are not capable of physically inspecting a property is difficult, however taking the time and effort to provide this comfort reaps rewards and rewardingly, we are seeing this over and over again with our campaigns” added Jackson.
HTL Property agents Andrew Jackson and Nic Simarro are continuing to work closely with a number of underbidders for hotel development sites in both Sydney and regional NSW; and look forward to making further market disclosures in this regard in due course.