Broadway’s ‘Posh Hotel’ up for sale for circa $20m
Broadway’s ‘Posh Hotel’, owned by prominent private investors known as ‘The Wang brothers’, has hit the market with hopes of circa $20m.
The four-level hotel and Chinese restaurant Sesame Street at 8-14 Broadway, Chippendale is being sold in an expressions of interest campaign via Paul Grasso and Stefan Ippolito of IB Property and Harrison George, Danny Shi and Tom Gibson of CBRE.
“This boutique freehold offering in the heart of Chippendale is a very exciting opportunity to own a rare piece of property in a tightly held location, moments from Sydney Tech precinct,” Grasso said.
“We expect to see a broad range of buyer groups including hoteliers, developers and trophy hunters.”
Ippolito adds: “Without doubt, this is Sydney’s most exciting precinct with so much further upside in the heart of Sydney’s Chippendale/Broadway precinct.”
Posh Hotel has 32 rooms and gives the buyer the opportunity to convert it to a more exclusive hotel offering, inner-city offices or hold onto it as a long-term investment.
Pre-Covid, Posh Hotel was earning than $1m a year and it‘s now back to 85 per cent occupancy.
Offices would be an attractive option for young professional and entrepreneur tenants, particularity since the site is close by Central Park apartments and backs onto the Spice Alley restaurant and bar precinct.
Expressions of interest close on July 14.