Four boutique hotels on Sydney’s lower north shore come to market which could sell for more than $60 million
A rare collection of four boutique hotels on the lower north shore has come to market with a price tag of more than $60 million.
The hotels range in size from 16 rooms to 70 rooms, and all offer a mix of modern and heritage style.
All up, the portfolio offers 142 rooms across the four properties, including the budget accommodation offerings of Dalziel Lodge in North Sydney and Glenferrie Lodge in Kirribilli, and the higher positioned Cremorne Point Manor and The Albert in Mosman.
The Albert is the cream of the crop, having undergone a $12 million refurbishment last year.
The original home, formerly known as Telopea was built in 1886, and reopened as a five-star, 26-room boutique hotel in February this year.
The refurbishment included the addition of a new, contemporary style building beside the original home. There is also a dining room and outdoor terrace bar.
The Albert is located at 89B Cowles Rd, Mosman, and is on a 835sqm block.
The properties are all owned and operated by the Emerald City Hotel Group, founded and headed by Jean-Claude Branch.
The Sydney-based company has more than 10 years’ experience in the boutique hotel and serviced apartments sectors.
“There is something special about restoring a heritage site and breathing new life into it,” he said.
“All four hotels were a result of positive engagement with the North Shore community and a lot of blood, sweat and tears.”
CBRE Hotels has been appointed to market the properties, which are available in one line or individually.
Director Tom Gibson is leading the sale campaign with colleagues Raymond Tran, Vasso Zographou and Michael Simpson.
“The sale campaign presents a strategic opportunity to enter the Sydney boutique accommodation market with a platform offering scale, diversification and repositioning upside,” Mr Gibson said.
Mr Tran said the properties were all well positioned.
“The location of these hotels is a distinct advantage, with each property being a short stroll to an array of leisure demand drivers, as well as a one stop ferry trip into Circular Quay,” he said.
The properties are being marketed as short to medium-term repositioning opportunities, including brand conversion and residential development (STCA).
The other properties on offer include the four-star Cremorne Point Manor, which is on a 672sqm block at 6 Cremorne Point Rd, Cremorne.
It has 30 rooms, including a two-bedroom penthouse apartment.
It was built in 1906 as residential manor before being restored in the 1920s and converted into a house.
The penthouse has gun barrel views of the Harbour Bridge. The property has potential to be converted into a single private home (subject to council approval).
Glenferrie Lodge is a 70-room, four-star budget boutique hotel with a mix of single, double and family rooms, and a 40-seat dining room. Originally a 19th century heritage guesthouse, the property occupies one of Kirribilli’s largest land parcels of 1095sqm.
It is located at 12 Carabella St, Kirribilli.
The 3.5-star Dalziel Lodge, at 44 West St, North Sydney, is the smallest of the properties, on a 594sqm.
The Federation-style building was originally built in 1892, and was reconverted into a guest lodge in 2017.
The 16-room property retained its heritage accents with high ceilings, modern decor, common area lounge and dining room.
The portfolio is being sold with vacant possession of management. They are for sale by expressions of interest, closing on December 9.