The Rydges North Sydney has been listed for sale, providing an opportunity to enter Sydney’s hotly contested hotel market.
CBRE Hotels’ Wayne Bunz and Michael Simpson have been exclusively appointed to sell the asset, with buyers being provided the flexibility to either acquire the property with vacant possession or retain Rydges under a long-term management agreement.
The Rydges North Sydney features 167 guest rooms and suites together with a restaurant and bar, conference facilities and a business centre.
Located at 54 McLaren Street, the asset occupies a significant 2,549 sqm freehold site in North Sydney, one of the largest corporate catchments in Australia.
CBRE Hotels’ National Director Wayne Bunz noted, “Sydney is a global tier one investment destination and hotel investment opportunities, particularly those offering vacant possession of management, are rare and hotly contested. Sydney’s hotel investment market has continued to be incredibly buoyant, as evidenced by the recent sales campaigns for the Primus Sydney, Four Points Sydney and the Travelodge Hotels portfolio. This offering will attract strong interest from a myriad of investor types, including hotel investment groups, owner operators, and long-term land bankers given is future development potential.”
CBRE Hotels’ Managing Director Michael Simpson added, “The hotel offers ultimate flexibility for an investor. It can be renovated and repositioned to take advantage of the domestic tourism recovery. It is also perfectly positioned to be transformed into a luxury residential apartment tower, given the site’s highly flexible zoning, the height precedents in the immediate area and the proximity to retail and transport amenities.”
“North Sydney’s continued growth will be supported by enhanced connectivity to the Sydney CBD by the Sydney Metro development, with the commute from Victoria Cross Station in North Sydney to Barangaroo in Sydney’s CBD being only three minutes. In addition, North Sydney Council has been implementing a long-term strategy for the evolution of the North Sydney CBD via the Ward Street Masterplan which will introduce significant development.”
Expressions of Interest close October 14, 2021, unless sold prior
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
Wayne Bunz, CBRE Hotels
+61 419 698 640
Managing Director, CBRE Hotels
+61 431 649 724