Singapore investment and asset management company High Street Holdings has flagged plans for further hotel purchases in Australia after acquiring Rydges North Sydney for $75,000,000.
CBRE Hotels negotiated the sale of the 167-key hotel on behalf of Event Hospitality & Entertainment
Key highlights included:
– Located on a prime 2,549 sqm freehold land parcel in a strategic North Sydney location on Mclaren Street, with convenient access to Sydney CBD as well as extensive amenity including retail, office and transport, including the new Victoria Cross Sydney Metro station immediately next door.
– A new concept scheme, subject to Council Approval, has been prepared by renowned Candalepas Architects, incorporating a 15 storey residential tower above a single level of commercial floor space, with many apartments benefiting from stunning district vistas and Harbour views to the East.
– 167 room 4.0-star hotel with a proven historical financial performance. Hotel facilities include food and beverage and conference facilities.
– The hotel was offered with vacant possession of management or an incoming purchaser could retain Event Hospitality under a Hotel Management Agreement.