Surry Hills City Crown Motel has $ 10million price guide as Burdekin hotel in Darlinghurst sells for $ 15million
A tired motel with city views hit the market with a $ 10 million price guide, as the famous Burdekin hotel was bought by a local investor for a lot of money.
A dilapidated downtown motel with city views hit the market with a $ 10 million price guide, as the Burdekin Hotel was bought by a local investor for $ 15 million.
The City Crown Motel located at 287-289 Crown St, Surry Hills, will be auctioned on December 2 via Paul Grasso, Steffan Ippolito and Adam Droubi of IB Property.
Some of the reviews online are far from flattering about the condition of the property’s 28 rooms over its motel life, but there’s no doubt that the prime location – next to The Winery and the popular Café Pieno – would make a prominent place for a development of upscale hotels or apartments.
“The property will attract hoteliers, with developers looking to reposition themselves among residential and high net worth trophy hunters,” said Grasso.
Ippolito added, “This is a unique opportunity to purchase a hotel on Crown St, in the heart of Surry Hills, with three street fronts and additional redevelopment. “
The old motel, which has underground parking, is owned by investors who bought it for $ 8.8 million in 2015.
Other advantages are the view of the city from some balconies and the northern aspect.
There is also an existing cafe downstairs and a liquor license.
The site previously had development approval for a new 42-storey boutique hotel adding three more floors, but that has now expired.
“There hasn’t been a motel in Surry Hills offered for many years,” Ippolito said.
“The fact that you can renovate it into a cool hotel or residential development will be very appealing as you won’t often find these plots of land on Crown St.”
Meanwhile, the Burdekin Hotel in Darlinghurst sold the four-story building with investors for $ 15 million via Ippolito and his colleague, Dimitrios Franze.
The property has a recently added rooftop bar – one of Sydney’s best – which is likely to be hugely popular as the city reappears from the lockdown, with its views across Hyde Park and east towards the harbor.
The rooftop bar is open again after the lockdown and offers “cocktails, pub-style Italian food, and hellish happy hour.”
Built in the 1840s and originally known as Flanagans, the four-story pub was later renamed in honor of Thomas Burdekin, a hardware store who became a wealthy and successful merchant and landowner.
Expressions of interest closed on October 21.
They had had a $ 15 million price guide.