Savoy Double Bay Hotel (The Savoy Double Bay) - SOLD

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Sold for 5,150,000 AUD Date of Sale: December 2011
Rooms: 39
Price Per Room: 132,051 AUD
Property Id : 29230

Located just 15 minutes from the CBD in one of Sydney’s most exclusive harbourside suburbs, the boutique Hotel offers 40 guest rooms including two spacious penthouse suites, a breakfast bar and guest lounge. In addition there are three ground floor retail tenancies which provide a net lettable area of 412 square metres.

Occupying a high profile site in the heart of the prestigious Double Bay commercial precinct, the Property is well positioned to capitalise on a number of proposed development projects which, once completed, are set to stimulate visitation to the area. In addition, it lends itself towards conversion to an alternative use in line with a growing trend towards high end residential apartment development, particularly given its 616 square metre land area, dual street frontages and excellent holding income.

Currently subject to periodic leases over the Hotel and two of the retail lots, the Property is being offered for sale with vacant possession providing an incoming owner with the flexibility to reposition, reconfigure and rebrand the Asset.

The sale of the Savoy Double Bay Hotel represents a rare opportunity to acquire an established boutique hotel with strong underlying property fundamentals in the heart of Australia’s most desirable and tightly held investment market.

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