The Hotel Bondi, one of Australia's most famous hotels and a Sydney beachside icon, is to be offered for sale. JLL have been appointed Exclusive Agents to offer this exceptional asset For Sale by an International Expressions of Interest campaign closing 2 September 2014.
Under the same family ownership for nearly 44 years, the hotel enjoys a spectacular location situated in the middle of Campbell Parade overlooking internationally acclaimed Bondi Beach. "It's arguably Bondi's most recognised landmark and certainly the most aspirational hotel operating opportunity we've ever offered." said John Musca, National Director - Investment Sales, JLL Hotels & Hospitality Group.
Representing an existing four-level hotel, the property was extensively renovated at a cost of $6 million in 2013 and includes 37 ensuite hotel rooms, ground floor bar, gaming room with 30 gaming machine entitlements, bottleshop and 12 car spaces. It is the latest trading hotel in Bondi and is in the very heart of this booming entertainment, retail and luxury residential enclave with its vibrant surfside culture.
Bondi is in the midst of a significant transformation and the hotel is strategically situated adjacent to the world class and soon-to-be-completed Pacific Bondi Beach, a luxury apartment / boutique hotel and hospitality development, and only metres from the recently opened Toga Group's Boheme Bondi Beach luxury apartments and Adina Hotel complex. "These quality developments along with the Investec 'Beachhouse' luxury apartment and retail complex next door, point to mixed-use conversion as a viable alternative use of this extraordinary property." said James Aroney, Director - Investment Sales, JLL Capital Markets. "With the sale of the penthouse luxury apartment at neighbouring Pacific Bondi Beach for $21 million reflecting a rate of $41,000 per square metre, residential demand for the location cannot be ignored", Mr Aroney suggested.
Bondi Beach has shot to international acclaim with the recent global successes of TV programs like Bondi Vet and Bondi Rescue along with a number of surf and lifesaving carnivals and the annual Volcom Bowlarama Skateboarding tournament, the internationally acclaimed Flickerfest and numerous annual festivals and events. An estimated five million visitors frequent the beach precinct per annum, with up to 40,000 visitors per day during summer.
The hotel will be offered with vacant possession providing hoteliers a much sought-after Bondi operating opportunity, however prospective short or long term tenancy interest has already emerged, which could provide a passive, fixed income for developers and investors whilst they optimise and finalise a range of mixed-use conversion opportunities (STCA).
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