Australia: Sydney Airport Suites, a development of 35 serviced apartments, is for sale through JLL.
Situated at the corner of Botany Road and Wentworth Avenue in Mascot, the strata-approved property features 35 fully furnished self-contained apartments, including three two-bedroom, 24 one-bedroom and eight studio apartments, with 26 car parking spaces.
JLL’s Hotel and Hospitality Group senior vice president Andrew Langsford, Tom Gibson and director of sales and Investments, Dylan McEvoy have been appointed to manage an expressions of interest campaign, which closes on Thursday, April 16.
The property, which was originally built in 2003, occupies a 1,063 square metre site, with a building area totalling approximately 3,055 square metres.
Currently operated by AEA Hotels, the property is being offered for sale in-one-line with vacant possession, or with the option of ongoing management, giving buyers the opportunity to continue with returns offered under its serviced apartment use, or to reposition the property for residential use or student accommodation, subject to council approval.
Langsford said: “Investors have been chasing yield and we have seen strong demand for in-one-line apartment block sales, this property offers the benefit of an existing approval to convert the top floor apartments to residential use.”
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