A street block in Surry Hills which accommodates the heritage-listed Hotel Stellar and the Soda Factory bar is up for grabs for a price tag of $100 million.
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The old hotel and its four neighbouring buildings, located at 4-22 Wentworth Avenue spans 1,218 sqm.
The Soda Factory Bar, considered one of Sydney’s best hidden gems, has remained a go-to for locals since it first opened its doors in 2013.
The expressions of interest campaign for the five freehold assets is being managed by realtors from Raine & Horne Projects, and JLL and I.B Property, and IB property.
Developers can take advantage of the approved DA over the current hotel site, which is a new 19-storey development by architect Ed Lippmann. Plans include over 200 luxury appointed rooms with a ground floor restaurant and bar offering.
“Not only is this a premium site in an outstanding location, but there are also multiple value-add possibilities with Stage 1 DA approval already in place for a major mixed-use project of approximately 7500 sqm of Gross Floor Area (GFA),” said Mr James Nixon, Director of Raine & Horne Projects.
Realtors believe the precinct will attract significant interest, especially from hotel operators because of the pipeline of exciting projects in the immediate precinct. This includes The Hyde and the Tech Central, dubbed as Sydney’s Silicon Valley.
“As an alternative to redevelopment the assets are an attractive landbank opportunity with existing holding income and strong rental upside by repositioning into a variety of uses, including creative office and retail accommodation,” said Mr James Aroney, Senior Director of JLL Capital Markets (NSW).
The properties were all owned by Nick Pongrass of Pongrass Properties.