Australia: Sydney’s Yeh family has purchased the Seasons Harbour Plaza serviced apartment hotel in Sydney’s CBD through the first-ever NSW court-ordered strata renewal collective sale.
More than 70 per cent of the tower’s 90 owners agreed to the sale of the 19-storey aparthotel while the others, mostly overseas investors, were silent, rather than in opposition, on the decision prompting the court action.
Under new NSW strata rules introduced in late 2016, the majority of owners or 75 per cent of owners in a strata scheme are permitted to legally force the collective sale of property, in order to speed up the disposal or redevelopment of fatigued properties.
It is understood the Yeh family paid around AUD$81 million for the 119-unit tower.
There are no known immediate changes to the hotel’s operations. The rooms are currently leased to and managed by the Seasons Harbour Plaza.
Dentons handled the legal work for the majority owners while Colliers International’s Gus Moors and Karen Wales marketed the property through an International Expressions of Interest campaign.
“With this historic judgment, we expect that market perceptions around strata collective sales will shift, and more owners corporations will see the opportunities that are now open to them,” Dentons partner Christina Renner said.
The Yeh family has been growing its hotel portfolio, and recently bought the $54 million Park Regis Hotel in Sydney.
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