Following the successful sale of the intriguing Terminus Hotel on Pyrmont's Harris St, leading broker and Ray White Hotel's Asia Pacific Director, Andrew Jolliffe, is pleased to announce the sale of the Australian Hotel to Solotel's Bruce Solomon and Matt Moran.
The prime positioned multi-level Chippendale hotel was brought to market by joint venture partners Frasers Property Australia and Sekisui House Australia, and offered to market via international EOI process
Frasers Property and Sekisui House Australia are developing the already award winning Central Park development at the former Carlton & United brewery site, which is set to house 5000 new residents once completed, and already includes hugely popular residential and dining precincts comprising international acclaimed operators Jason Atherton at Kensington St Social, and Peng Loh's boutique accommodation offering in the former Old Clare Hotel.
The sale process is thought to have been hotly pursued by a number of local, interstate and international hospitality groups according to Mr Jolliffe. 'World class developments, and precincts, not surprisingly attract world class operators; and this was certainly true of the international sale process we ran on behalf of our clients Frasers Property and Sekisui House' advised Mr Jolliffe.
'We have enjoyed the benefit of some high profile campaigns over the past 24 months or so, and as such, we've been fortunate to build a robust database of hospitality experts looking to expand into active entertainment and leisure precincts across the Australian East Coast' Jolliffe added.
The purchase of the Australian Hotel by award winning hotelier Bruce Solomon and renowned chef an restaurateur Matt Moran sees the continuation of the theme of high quality and very experienced operators taking their product to new areas of Sydney.
'Both Bruce and Matt have enjoyed considerable success in both Sydney and Brisbane through their ARIA, CHISWICK and Opera Bar businesses to name but a few, and we anticipate their hospitality prowess will again deliver the dynamic Chippendale area with another flagship drawcard upon completion of their Australian Hotel project' commented Jolliffe. 'The depth of both interest and talent in terms of design proposals we received following the conclusion of the sale process was extraordinary; and further illustrates the buoyancy promoted within the hospitality and leisure space in gateway cities nationally at this point in time' concluded Jolliffe.
Mr Jolliffe anticipates continued strong market activity across the Asia Pacific region over the next 18 months, and points to some key market receptors as reasons for this viewpoint. 'We find ourselves in a liquid debt market with rates at cyclical lows. The Australian dollar, whilst enjoying some recent augmentation when pegged against the US, is still attractively priced for both investors and tourism participants alike. And Australia remains a comparatively safe harbour and politically stable environment to both travel to and around, as well as invest in' said Jolliffe.
The sale of the Australian Hotel brings Andrew Jolliffe's sale of hotels in Australia to approximately $500m so far this Financial Year. The Ray White Group enjoys annual sales of $35bn from its 1000 offices internationally, making Andrew Jolliffe the number 1 salesperson globally in the Ray White Group.
