Buy a 2021 luxury Sydney CBD hotel at 2019 prices
A luxury hotel project in the heart of Sydney’s CBD has hit the market – two years before it’s even finished.
The 124-room tower at 9-15 Commonwealth St is due for completion in 2021 and is being sold on a turnkey basis.
Located in the south end of Hyde Park the tower will include a bar and restaurant and is envisioned to suit an upscale hotel brand.
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“The hotel presents an opportunity to acquire an exceptional brand-new property in Australia’s most coveted and tightly held hotel investment market,” says JLL Hotels & Hospitality Group Vice President Andrew Langsford.
It is being sold with a vacant possession and comes amid strong demand for accommodation in the cultural and corporate centre of town.
Sydney is among the most sought-after hotel investment destinations in Asia Pacific.
The average daily room rate for the region reached a record level of $263 in 2018.
A new benchmark was also set for revenue per available room, which was the highest in the country at $231.
Knight Frank’s Dominic Ong says the hotel is centrally situated with many attractions nearby making the hotel appealing to a wide market of customers.
“The property is extremely well located surrounded by an array of retail, entertainment and public transport services, with fashionable Oxford St to the east, cultural precinct of Surry Hills to the south, Sydney’s commercial hub to the west and various tourist attractions including Circular Quay, the Botanic Gardens and Sydney Opera House to the north,” he says.
There are also several significant transport projects in the pipeline in the immediate vicinity including the $12 billion Sydney Metro linking the city’s north west to Bankstown via the CBD and the South East light rail which will connect the suburbs of Randwick and Kingsford to the city centre.
The tower is being sold via expressions of interest closing May 23.