A commercial building with redevelopment potential at Kensington in Sydney’s inner south-east has been sold to an Asian developer by Ray White Commercial South Sydney for $17.1 million.
The five-storey building trading as the Addison Hotel at 147-151 Anzac Parade, Kensington, was sold to a Chinese developer/investor by Ray White Commercial South Sydney’s Peter Kotzias on behalf of a private local holding company.
Mr Kotzias said the building is situated on a land area of 1,453 sqm and comprises 44 strata lots and basement parking for approximately 35 cars.
“The purchaser will be operating the existing hotel/accommodation as it is for the time being and enjoying the current cash flow,” he said.
“There are plans to redevelop the property, which is zoned local centre, in the future subject to council approval (STCA).”
Mr Kotzias said the building includes 42 x 26 sqm serviced apartments as well as a 44 sqm manager’s apartment and 351 sqm of commercial space.
“The hotel building is in a fantastic location just 5km from the Sydney CBD and only 700m to Randwick Racecourse and the University of NSW,” he said.
‘”It’s also in close proximity to Centennial Park and a short distance to Sydney’s famous eastern suburbs beaches as well as shopping centres and other amenities.
“The 12km Sydney Light Rail Link currently under construction will be potentially on the door step of the Addison Hotel site and provide an ultra-convenient public transport option.”