Double Bay’s Savoy Hotel sells for $35m to Nick Scali Furniture managing director Anthony Scali
Double Bay’s Savoy Hotel has sold for $35m to Anthony Scali, managing director of the furniture giant Nick Scali in a hushed-up off-market deal.
Sources say the sale of the three-level 40-room boutique hotel with retail below at 41-45 Knox Street was done by BradfieldCleary’s William Tsagaris and CEO Bob Guth, who declined to comment.
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It’s understood Scali intends to keep the hotel building as it is for the time being, though the site has a lot of development potential in the future for high-rise apartments. Maybe he intends putting in a furniture store there at some point.
The transaction is believed to have been done some months back — even before the circa $180m sale of the Intercontinental Double Bay in early May.
That hotel is way larger, with 140 rooms. It sold to Melbourne apartment developer Fridcorp in a joint venture with Piety Group from vendor Shanghai Group, who’d paid $140m four years ago.
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Intercontinental Double Bay sells for circa $180m
Property records for The Savoy building show it’s been owned by a company linked to investors Charles Weitheim and Helen Whitney since 2012 when they paid $5,155,000.
The hotel is leased to a company that operates it. The lease expires in February 2024.
The other tenants are McGrath Double Bay; Lord John menswear and Liberty shoes.
Anthony Scali was in the news in February, having agreed to pay $3.6m of JobKeeper back to the Australian Taxation Office since its profits had doubled for the second half of the year. Though it kept the $3.9m it received during the first half.
He and wife Donna, who reside in Point Piper, also bought a weekender for $9m last year at Palm Beach, the Scali family’s third property holding in highly prized Iluka Road.
The year before they bought a property known as The Castle for $4.2m near Byron Bay.