Redcape has divested Minskys Hotel and attached commercial suites on Sydney’s Lower North Shore, in a $39m deal brokered by JLL Hotels & Hospitality Group.
The deal includes 3344sqm of strata area across two distinct floors with separate bottle shop, 4am trading approval, 25 gaming machines and consistent weekly revenue generation in excess of $160,000.
JLL said the sale attracted the interest of hotelier’s, private investors and property groups in equal measure and the underutilised first floor commercial space and bar areas were a key attraction for those seeking to unlock the full commercial and trading potential of the asset.
“The opportunity to seize an asset of such quality with obvious and significant value-add potential via repositioning and/or strategic sell down, fueled what was one of the most competitive campaigns we’ve managed in the last five years,” JLL’s Senior Vice President, Ben McDonald said.
The Minskys Hotel sale adds weight to the significant list of hotel transactions so far in 2022. This JLL’s seventh sale in the last month alone following the landmark Pendle Inn Hotel transaction in Western Sydney, Lake Macquarie Tavern, Amble Inn Corindi Beach, New Ivanhoe Blackheath, Globe Hotel Deniliquin and Post Office Hotel Gulgong.
With JLL Hotels in final stages of negotiating over $250m in asset sales, the firm said it maintains its bullish outlook on market conditions with significant depth of capital still seeking adequate investment options in the hotel space.