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Camperdown Hotel to hit the market as Urban Renewal takes off

Property Markets / Transactions

Australia

Jun 25 2019

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Due to its strategic importance connecting the Sydney CBD to Parramatta, Sydney’s second CBD, the Parramatta Road Urban Transformation Strategy has been introduced by the NSW Government to upgrade and revitalise the Corridor over the next 30 years through investments 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 internationally renowned RPA and 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.

Located less than 3km* to the West of Sydney’s CBD, Camperdown offers close proximity to the CBD and a buzzing location underpinned by its medical infrastructure and first-class education. 

In light of this, a contemporary high-profile corner freehold property consisting of 37 self-contained hotel rooms across three levels is set to hit the market next week.

108 Parramatta Road, Camperdown has a building area of 1,400sqm* and is situated on a rectangular site of approximately 486 sqm*, with three street frontages along Parramatta Road, Lyons Road and Purkis Street which lies just East of the forthcoming Precinct.

The property is for sale exclusively through Andy Hu and Michael Simpson of Savills Australia and Anthony Pirrottina and Demi Carigliano of Knight Frank on behalf of a local family.

The property benefits from a secure 5 + 5 + 5 year lease with annual increases to a longstanding tenant in Quality Suites Camperdown.

According to Andy Hu, Joint State Head, Asia Markets, Savills Australia, Hotel investments, such as this 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.

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%.

“Hotels are definitely seen as a safe haven investment, especially in Sydney, with growing tourist numbers year on year” Mr Hu continued.

According to Anthony Pirrottina, Senior Sales Executive, Metropolitan Sales, Knight Frank, accessibility to the property is excellent, given its location on Parramatta Road, one of Sydney’s most prominent thoroughfares. 

“This provides easy access to Sydney CBD to the East and Sydney’s Inner West suburbs. On the property’s doorstep lies two bus stops, both within 100m*, providing more than a dozen routes to and from Sydney CBD. Sydney’s Central Railway Station is 2.2km* from the property” he said.

A 100% freehold interest in 108 Parramatta Road, Camperdown is for sale via International Expressions of Interest closing Thursday 1 August 2019 at 4pm.

 

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