CBRE has sold the boutique North Shore Hotel off-market for $10 million.
The 27-room hotel at 310 Miller Street, North Sydney comprises a manor house and is erected on an 881sqm block within High Density Residential Zoning. It was sold on a net revenue yield of 7%, following a competitive Expression of Interest campaign that fielded 130 enquiries and resulted in six offers.
Mr Lowry noted buyer interest was driven by the prospect of capitalising on the future growth of North Sydney’s commercial precinct.
“North Sydney’s commercial precinct is projected for significant growth in coming years, particularly with the impending Sydney metro line. The property’s position along the busy thoroughfare of Miller Street, and proximity to key transport routes, means it will directly benefit from upcoming development both within North Sydney and in the Sydney CBD,” Mr Lowry said.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.