A Surry Hills precinct, where Hotel Stellar and Soda Factory stand, has gone on the market with an asking price of $100 million.
The stretch of property, which spans 1,218 square metres., is located at 4 to 22 Wentworth Avenue.
This Surry Hills precinct has an existing development application for a 19-storey hotel with 202 luxury rooms as well as a new ground-floor restaurant and bar.
Decision on the existing DA, however, has been deferred by the Central Sydney Planning Committee in 2019, pending an “amended planning proposal and draft development control plan to take into account the whole street block.”
Realtors have described the location as “iconic” as its close to Sydney’s Hyde Park and the awaited completion of Sydney’s Silicon Valley, Tech Central. It’s also positioned within world-class transport links like the Museum station, the light rail system, bus services, and the new metro.
“Despite the impacts of lockdowns, opportunities to enter the Sydney hotel market are extremely limited, whether through an existing asset, or new development,” JLL’s Andrew Langsford said in announcing the sale of the properties. “This location benefits from CBD corporate demand and draws on a range of cultural neighbourhood experiences through Surry Hills and will be highly sought by hotel operators, especially given the pipeline of exciting projects in the immediate precinct.”
The mixed-used site consists of five lots, acquired by Pongrass Properties over an eight-year period, is meant to be sold as a whole package. The original values of the lots were at $3.75 million (for 4 Wentworth Ave), $1.65 million (8 Wentworth Ave), $3,369,150 million (for 10-12 Wentworth Ave), $1.4 million (for 14 Wentworth Ave), and $3.9 million (for 16-22 Wentworth Ave).