Property consultancy Savills Australia and New Zealand, alongside joint agent Colliers International, have put 247–253 Broadway, Glebe (BreakFree Hotel) on the market, on behalf of a client.
The accommodation asset offers multiple future repositioning opportunities, ideally suited for a future co-living or purpose-built student accommodation (PBSA) scheme.
Located within Sydney’s premier education precinct between UTS and USYD and directly opposite Broadway Shopping Centre, the building is supported by a large surrounding residential and student population.
The property also sits within the $4.8bn Tech Central precinct; Sydney’s emerging technology and innovation hub.
The site is a substantial 828 sqm (approximate) landholding with dual street frontages and boasts multiple income streams from accommodation and retail operations, generating approximately $1.352m in gross income with a secure ten-year lease, providing stable holding income.
Overall, the sites prime city-fringe positioning is expected to benefit from continued investor demand and long-term capital growth.
