McVay Real Estate Australia has been exclusively appointed to manage the sale of the 312 – 318 George Street, Sydney (the ‘Site’) via an expression of interest campaign closing on Thursday 9 August 2018 at 4.00 pm AEST.
The prime 582 sqm* site located directly opposite to Wynyard Station, boasts an extensive 23 m* frontage to George Street, Sydney’s main pedestrian and light rail thoroughfare. Development approval has been granted over the site for the construction of a new 16 level building incorporating basement, ground and mezzanine retail and 195 hotel rooms including a hotel lounge and terrace on level 12. Westpac will pre-lease the 471 sqm* ground and mezzanine retail tenancy.
The Sydney hotel market continues to be one of Asia Pacific’s best and most consistent performers. Sydney Airport reported a record 43.3m passengers in 2017 and STR expects Sydney to maintain strong occupancy demand with positive ADR growth of 3.6% p.a. forecast for the next five years. With this exceptional tourism demand expected to continue and a geographically constrained development pipeline, Sydney remains one of the most sought-after hotel investment destinations globally.
Sam McVay said “This is undoubtedly the best hotel site available for sale in Australia. It’s location, surrounded by iconic office buildings, adjacent to world-class retail and a link to Barangaroo via the Wynyard walk, will have wide-ranging appeal.”
“The ability to offer a fully approved hotel site with vacant possession in the centre of one of the region’s best-performing markets is extremely unique. A pre-lease commitment from Westpac and optionality of room configurations make this development opportunity highly sought-after,” states Dan McVay.
For further information contact Dan McVay +61 412 872 859 or Sam McVay +61 402 613 603.
