Potential redevelopment opportunity in tightly-held market.
The Grand National Hotel in Paddington has sold at auction for $7.25 million, amongst strong bidding from five interested parties.
Colliers International’s Miron Solomons and CBRE’s Daniel Dragicevich handled the sale of the property at 161 Underwood Street, Paddington.
“Given the development potential combined with the existing strong business, we received a great deal of interest in this asset from a range of buyers,” said Mr Solomons. “The buyer was ultimately a private investor looking to unlock the cash flow potential from the top two floors, but we had interest from multiple buyer profiles over the five week campaign.”
The prominent corner freehold has recently undergone a complete refurbishment over the ground floor by new tenants, LJB Hotels, who have a long term lease. The asset is housed on one of the largest single land holdings in Paddington.
The recent arrival of hospitality heavyweight Guillaume Brahimi’s new restaurant and the highly anticipated opening of Merivale’s Paddington Arms have all breathed new life into the area.