The Bayswater Sydney boutique hotel in Potts Point has $20m guide
The Bayswater Sydney boutique hotel in Potts Point is for sale with a $20m guide and it’s a chance for a savvy buyer to tap into a ‘gap in the market’.
The five-level hotel, with 51 rooms and two retail shops at 17 Bayswater Rd, is being sold via Colliers agents Gus Moors, Matt Pontey and Miron Solomons.
“This is an exceptional opportunity to capitalise on the pent-up demand in the city fringe for boutique hotels,” Moors said.
“Whilst the CBD is being dominated by the larger hotel groups and offerings, there is a gap in the market that exists for smaller offerings that provide a competitive product to the major hotel chains.”
Records show the hotel is owned by the Coudounaris family who picked it up for a bargain $4m 13 years ago.
The opportunity arises as the Potts Point and Kings Cross areas experience ongoing gentrification and revitalisation.
Covering 446sq m of land, the hotel is within the state’s most densely populated area, which is one train stop from the CBD and has easy access to the eastern suburbs and popular beaches.
The hotel is being offered with vacant possession, enabling the new owner to either run the operation on an owner operator basis or bring in a hotel operating group.
The Potts Point market is witnessing an exciting chapter, with a large supply of residential apartments coming to market, notably the high-end Queensgate development on the site of the former Bourbon.
“High-end development will continue the gentrification and rejuvenation of Kings Cross as it becomes a trendy late-night dining & entertainment district once more.” Pontey said.
“Because Potts Point is known as a special part of Sydney, which blends the past with the future, the suburb has attracted substantial developer interest to enhance utilisation of the locale one stop from the CBD.
“Potts Point is one of the last suburbs in Sydney where there is an opportunity for transformation to create a world-class attraction boasting both the old and new that is the Cross.”
Solomons said: “The hotel market continues its ascent as international travel has resumed and tourists are seeking to explore once again.
“The recovery is well and truly underway.”
The Bayswater Sydney Hotel is being sold via an international expressions of interest campaign closing noon on Thursday, September 15.