Australia: BGO Strategic Capital Partners and Hotel Capital Partners have acquired the Sydney Potts Point Central Apartment Hotel for AUS$31.5 million.
The deal, brokered by CBRE Hotels, comprises 70 individually-owned apartments, a ground floor food and beverage outlet, and a rooftop public amenity. It is the largest strata amalgamation deal in Australia since the pandemic.
Under the new ownership, the hotel will be converted into coliving accommodation. The UKO, Australia’s largest coliving operator, will manage the property.
The apartments have an average size of 23 square metres. The property is known for its art deco architecture and is located in one of Sydney‘s most sought-after regions.
The sale generated significant interest, resulting in more than 150 enquiries and 15 bids from various parties, including developers, local high-net-worth individuals, and owner-operators.
CBRE Hotels senior director, Tom Gibson, said, “This was an incredibly intricate transaction, balancing the interests of 73 different lots simultaneously. Thanks to the patience of all stakeholders, we achieved an excellent result for our clients in what is a highly strategic acquisition in one of Sydney’s most sought-after pockets.”
Highlights:
• BGO Strategic Capital Partners and Hotel Capital Partners have acquired the Sydney Potts Point Central Apartment Hotel for a coliving conversion
• The sale attracted 15 bids and eventually attained AUS$31.5 million
• The deal, brokered by CBRE Hotels, comprises 70 individually-owned apartments, a ground floor food and beverage outlet, and a rooftop public amenity
