Global multi-manager BGO Strategic Capital Partners and Sydney-based Hotel Capital Partners have acquired the Sydney Potts Point Central Apartment Hotel for $31.5m.
Property consultancy CBRE’s Hotels and Capital Markets teams negotiated the sale, which marks Australia’s largest brokered strata amalgamation since the COVID-19 pandemic and involves 73 individual lots.
“This was an incredibly intricate transaction, balancing the interests of 73 different lots simultaneously.
“Thanks to the patience of all stakeholders, we achieved an excellent result for our clients in what is a highly strategic acquisition in one of Sydney’s most sought-after pockets.
“Despite ongoing global macro concerns, Australia continues to prove itself as one of the most resilient hotel markets globally.”
Tom Gibson, Hotel’s Senior Director, CBRE
The art deco 4-star hotel comprises 70 serviced apartments averaging 23 sq m, alongside a ground-floor food and beverage outlet and a rooftop public space offering views of Sydney’s CBD.
“Noting the freehold going concern nature of the offering with vacant possession, the sale process extracted significant interest resulting in over 150 enquiries and 15 bids from developers, local HNWI’s and owner-operators.”
Angus Windred, CBRE Capital Markets
Following the acquisition, the building will be converted into a co-living scheme managed by Australia’s largest co-living operator UKO.
