Location: Botany Road/Wentworth Avenue, Mascot, Sydney Airport, NSW, Australia
Name: Sydney Airport Suites
No. of Keys: The strata-approved property incorporates 35 fully furnished self-contained apartments, including three two-bedroom, 24 one-bedroom and 8 studio apartments, as well 26 car parking spaces.
The Property: The property, which was originally built in 2003, occupies a 1,063 sqm site at 1285 Botany Road, with a building area totalling approximately 3,055 square metres.
Currently operated by AEA Hotels as serviced apartments, the property is being offered for sale in-one-line with vacant possession, or with the option of ongoing management- giving buyers the opportunity to continue with returns offered under its serviced apartment use, or to re-position the property for residential use or student accommodation, subject to council approval.
Botany Road has recently benefited from significant upgrades, and is surrounded by significant economic activity from Australia’s busiest shipping hub and airport. Port Botany is the largest container port in Australia and a significant business driver for the property.
JLL Hotels and Hospitality have been appointed to sell the asset via an expressions-of-interest campaign, saying the property would be attractive to both institutional investors and high-net-worth individuals.
“Investors have been chasing yield and we have seen strong demand for in-one-line apartment block sales, this property offers the benefit of an existing approval to convert the top floor apartments to residential use,” they said.
“Sydney’s real-estate market has also seen a growing trend of ‘alternative accommodation’ operators and investors greatly expand their footprint in the market,” Sydney had one of the strongest and resilient hotel markets in Asia Pacific, delivering some of the highest occupancies across the region.
Expressions of interest for Sydney Airport Suites close Thursday, 16th April, 2020.
Main Photo: The Sydney Airport Suites
Brand/Management: Management and Flag free
Financials: Available upon signing NDA and LOI.
Current Owner: Private company.
Guide Price: AUD20m
Guide Price per Key: AUD571,428 per apartment
Date Posted: March 2020
THPT Comment: This is a good opportunity to buy a trading business and keep as is, or re-position and re-assess the business use.
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This is a new feature on the THPT site…. Hotel & Serviced Apartment owners can be naturally reticent in publicising their property is for sale…for confidentiality reasons, for staff and current client reasons, so the properties featured in this section will either be “generic” or “name specific”
Each fortnight we mail the opportunities posted that week, but check-out the tab “Hotels Available” and call us for details of “Under the Table” – deals not posted on the site at all
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MISREPRESENTATION ACT 1967. This information is provided as a general guide and is not intended to be constructed as a statement of fact upon which interested parties can rely. All interested parties should make their enquiries by inspection or otherwise. Neither The Hotel Property Team (trading name of Impetus Marketing 2006 Ltd) nor any person in our employment has the authority to make, give or imply any representation or warranty whatsoever relating to the premises referred to in these particulars. These details do not constitute any offer, contract or any part thereof and all negotiations relating to the premises should be conducted through THPT.