A 109-room serviced apartment complex at Brookhollow Avenue, Norwest, has sold to a private buyer for a reported $60 million.
According to The Australian Financial Review the Adina Norwest was purchased before expressions of interest were closed. The selling agents were Knight Frank's Arland Domingo, Dominic Ong and Wally Scales and Savills' Michael Simpson and Greg Cohen.
The property, also with commercial tenancies, is located within close walk to one of the future eight new metro stations on the new Sydney Metro Northwest line which is expected to be completed in 2019.
The Adina serviced apartments are part of the Toga Far East Hotels group.
The complex is fully leased and according to the AFR has scope for redevelopment. A redevelopment proposal would see the property expand from 10,000 sq m to 12,049 sq m with the room numbers doubling.
Sydney Metro Northwest services will feature 15 trains an hour - every four minutes at peak - with twin 15 km railway tunnels between Bella Vista and Epping being the longest railway tunnels ever built in Australia.