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.
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.
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.