The Sydney CBD landscape continues to entice developers and investors as a rare island site offering potential for residential development hits the market.
The freestanding site, currently home to The Vibe Hotel at 182 Elizabeth Street, has the opportunity to develop over 200 apartments with over 17,000 sqm of gross floor area including the ability to deliver approximately 1,685 sqm of prominent retail space in the Sydney market.
For sale through John Bowie Wilson and Tim Holtsbaum of Knight Frank and James Aroney and Mark Durran of JLL, on behalf of vendor Toga Far East Hotels (TFEH) the north facing corner property is situated on a unique island city block with prominent frontages to Elizabeth and Goulburn Streets.
ALSO SEE: Sydney Westend Backpackers’ Sells For $19m
The currently operational Vibe Hotel offers 191 rooms with strong trading figures.
According to Knight Frank Senior Director, City Sales & Capital Markets, John Bowie Wilson, "The residential and mixed use development potential of 182 Elizabeth Street is undeniable.""We expect strong demand from domestic and offshore developers and investors looking for a unique land bank offering with holding income in the CBD," he said.
Managing Director of JLL Hotel Investment Group Mark Durran commented that The Vibe Hotel generates substantial cash flow and is available with ongoing management or flexible leaseback arrangements.
JLL Director, Sales & Investments NSW, James Aroney believes the property's appeal to residential developers will be greatly enhanced not only for its key physical and locational attributes but due to the flexibility it offers in terms of availability of vacant possession which is exceptionally rare in the Sydney CBD.
The property is within walking distance to Hyde Park, major public transport links in Central Station and city bus networks.