Grand National Hotel Paddington sold
Paddington's Grand National Hotel sold this morning.
Bidding started at $6 million when auctioneer Damien Cooley took bids from what appeared to be the five interested parties.
It was knocked down at $7.25 million through Colliers International agent Miron Solomon who had the offering in conjunction with CBRE Hotels agent Daniel Dragicevich.
The prominent corner freehold has recently undergone a complete refurbishment over the entire ground floor by new tenants, LJB Hotels, who have a long term lease.
It was sold with a 20 year lease (10+5+5) over ground floor to established tenants, who commenced in 2014, with current net income of $250,000 pa.
The holding was a 437 square metre footprint with upstairs NLA of approximately 600sqm and current inventory of up to 24 pub-style accommodation rooms.
It was offered with future development of first and second floors to suit a range of types and uses ranging from accommodation, hospitality, residential or commercial office.
“The buyer was ultimately a private investor looking to unlock the cash flow potential from the top two floors," Colliers International’s Miron Solomons said.
