Quality Suites Hotel in Camperdown listed by Savills for over $17 million
A hotel in Camperdown is set to hit the market amid the NSW Government upgrade and revitalization of the corridor between Sydney and Parramatta.
The contemporary freehold property at 108 Parramatta Road consists of 37 self-contained hotel rooms across its three levels.
Last traded for $2,025,000 in 2005, the property, owned by a private investor family, is on a 5 + 5 + 5 year lease to longstanding tenant Quality Suites Camperdown. Rooms fetch between $179 and $209 a night.
It has a building area of 1,400 sqm on its 485 sqm site, with three street frontages along Parramatta Road, Lyons Road and Purkis Street.
The property is for sale through Andy Hu and Michael Simpson of Savills Australia and Anthony Pirrottina and Demi Carigliano of Knight Frank.
The listing comes amid the Urban Transformation Strategy which aims to improve the corridor between Parramatta and the Sydney CBD over the next 30 years.
The strategy will invest in homes, jobs, transport, open spaces and public amenity.
Camperdown, in Sydney’s Inner West, has been identified as one of the eight ‘Precincts’ earmarked for renewal due to its unique access to jobs, transport, infrastructure and services, such as the Royal Prince Alfred Hospital and the University of Sydney.
The Precinct which will be known as the ‘Camperdown Triangle’ will offer taller buildings catering to both residential and business markets – a combination of health, education, technology, attracting new business to this crossroad and reinvigorating the wider area.
Savills agent Andy Hu said properties such as [the Camperdown hotel] are rarely offered to the market in the tightly-held Sydney CBD Fringe.
“We expect a lot of interest from local investors as well as a large number of offshore investors looking to capitalise on the changing landscape of the area” he said.
“Hotels are definitely seen as a safe haven investment, especially in Sydney, with growing tourist numbers year on year” Hu added.
According to recent data from Savills Australia, Australian domestic visitor nights were up 2.5% to 22.8 million and international visitors were up 4.1% to 3.9 million for the year ending January 2019.
Of the top 10 international visitor markets, Australia made up 38.7% of the total share of visitors, with China following at 11.7%.
