Apartment developer snares Surry Hills motel
Surry Hills’ budget City Crown Hotel has sold to developer George Karageorge, director of Stasia, who is planning a residential project.
At 287-289 Crown Street, on the south west corner of Reservoir, the 385 square metre B4 Mixed Use zoned site was once approved for a six storey project,
The present structure rises three levels over a basement car park.
The ground floor contains a retail tenancy.
Near the top of a retail precinct, the property also offers a liquor licence.
Out with the old
IB Property’s Paul Grasso and Steffan Ippolito marketed the property’s potential to be refurbished and retained as a guesthouse – it contains 28 suites.
It was also promoted for its development upside (story continues below).
More than 30 prospective suitors – a mix of builders and high net worth investors – requested contracts, he said.
Forty groups inspected it.
Last month, a warehouse-converted-office at 1 Butt St, at the south west corner of Clisdell, collected $24m – the highest price paid for a Surry Hills property at auction.
In October, the Verona Cinema, in Paddington, traded to a developer for a speculated $35m – a price which, like 287-289 Crown St, was 15pc over expectation.
Also in the area, AsheMorgan and Toga Property are proposing a major commercial development, Oxford and Foley, with c7600 sqm of offices, a 75 suite hotel and retail, on land acquired via a leasehold from the City of Sydney.
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