A Sydney boutique hotel with residential potential has gone on the market.
Admiral Collingwood Lodge is expected to generate strong interest from both hoteliers and residential purchasers from Australia and throughout Asia.
CBRE Hotels’ Paul Kapiris and Andrew Jackson and LJ Hooker Balmain’s Chris Calvert and Laura Holst have been appointed to steer the sale of the freehold going concern offering on behalf of the vendor.
Mr Kapiris said the boutique hotel properties are very tightly held in Sydney.
“Opportunities for private investors to enter the Sydney hotel market are few and far between. Investors know that these assets are easy-to-operate, cash flow businesses and we expect them to continue to perform well in the future.
“Sydney is considered to be the most desirable hotel market in the country. The consistent business demand and the fact that it is number one on the list of places to visit for tourists means that it has performed well in the past and will continue to do so.”
The hotel resides within a freestanding Italianate 1880's mansion, retaining its heritage features. It is set on a relatively level, circa 700 square metre block with sunny private gardens in the dress-circle of East Drummoyne, with a city skyline view and harbour glimpses.
CBRE’s Mr Jackson said the hotel was completely renovated in 2012, retaining loads of character and modernised into a 15-room boutique hotel with romantic charm.
The Admiral Collingwood is consistently ranked as one of the top 10% of hotels in the world and the top Specialty Hotel in Sydney by TripAdvisor, the world's largest travel website.
Perfectly located, with easy access to the CBD by bus or ferry, it has a multitude of potential uses - either an ideal income stream or the potential to convert back to a substantial family home subject to planning approvals.
“Many are aware of the influx of Chinese buyers in the Sydney residential market, but few are aware of the staggering Chinese tourist numbers predicted for the coming decade.
“The property is also potentially suitable as an investment to qualify for the business migration visa,” Mr Kapiris said.
“These huge numbers should bode well for affordable accommodation operators, particularly those within 10 minutes of the city.”