Surry Hills approved 202 room hotel development site for sale

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James Aroney and Andrew Langsford of JLL, together with Steffan Ippolito of IB Property and James Nixon of Raine & Horne Projects, have been appointed to market 4-22 Wentworth Avenue Surry Hills for sale.

The large land area of ​​1,218 m² includes five side-by-side mixed-use buildings in full ownership. The site offers multiple value-added strategies for investors and recently obtained Phase 1 DA approval for the development of a major mixed-use project of approximately 7,500 m² of GFA.

Mr Langsford said: “The plans include a 19-story development above the current hotel. The expanded hotel has concept plans for 202 luxurious rooms, creating an approximate total area of ​​7,500 m² with a restaurant and bar on the ground floor. As part of planning approval, the neighboring property at 24-44 Wentworth Avenue has a new height restriction preventing the site from eclipsing.

“Despite the impacts of lockdowns, opportunities to enter the Sydney hotel market are extremely limited, whether through an existing asset or through a new development. This location benefits from the demand of CBD businesses and draws on a range of neighborhood cultural experiences across Surry Hills and will be highly sought after by hotel operators, especially given the pipeline of exciting projects in the immediate precinct. Mr. Langsford said.

Mr. Aroney said, “We anticipate significant interest in 4-22 Wentworth Avenue, due to the major future commercial development of this perfectly positioned out-of-town investment. This rare and substantial supply of five merged assets is held under five separate titles. As an alternative to redevelopment, assets provide an attractive land reserve opportunity with existing holding income and a sharp rise in rents by repositioning itself in a variety of uses including creative office and commercial space.

The assets are ideally placed along the northern edge of Surry Hills, adjacent to the CBD and Hyde Park and just 800 meters from Central Station. The centrality is second to none, located close to the amenities and lifestyle of Oxford Street and Surry Hills.

Mr. Ippolito said: “4-22 Wentworth Avenue is a rare investment opportunity in the very tight area of ​​Surry Hills. The Sydney Fringe region continues to be a resilient market, with sustained investment from the private and public sectors pursuing development in the region. The recent completion of the Sydney Light Rail Transit has improved this already highly connected area, as the strong transport infrastructure continues to attract a strong workforce to the Sydney Fringe. “

Mr Nixon said: ‘Before the pandemic, Surry Hills had some of the highest marginal office rents in Australia thanks to its good transport links, architectural significance and wealth of social and hospitality amenities. The current development of the nearby Tech Central district is set to benefit from unprecedented investment in private and public infrastructure as the NSW government plans to create Australia’s largest tech district. 4-22 Wentworth Avenue has a rare and significant offering for the region and will only continue to appreciate with the completion of these developments.

The Sydney Fringe area of ​​innovation and technology corridor is undergoing substantial change, with Australia’s Tech Park and Tech Central districts attracting substantial interest from the tech, media and professional industry sectors.

Expressions of interest for 4-22 Wentworth Avenue, Surry Hills will close on Thursday, November 4.

To request a copy of the Information Memorandum, please contact one of the Marketing Officers via the contact details below.


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