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Off-shore investor acquires strategic CBD mixed-use asset
Sydney, 25 October 2013 - Singapore's Far East Organization have acquired the Clocktower Square complex for AUD72 million in a deal negotiated by Jones Lang LaSalle's Hotels & Hospitality Group's Managing Director, Investment Sales, Mark Durran.
The mixed use building is superbly located at 35 – 27 Harrington Street in Sydney CBD's prestigious and historic Rocks Precinct and incorporates The Rendezvous Apartment Hotel, 138-bay commercial car park, office and retail space.
"The sale represented a rare opportunity for an investor to secure a foothold in the tightly held northern corridor of the CBD, offering panoramic Harbour Bridge and Opera House views, with development potential for an expanded prestige hotel offering." said Mr Durran.
The sale of the Clocktower Square complex follows the sale of other northern CBD hotels including the Four Seasons Hotel Sydney, Observatory Hotel (now The Langham), Ibis King Street Wharf, Shangri-La Sydney and Marriot Sydney Harbour Hotel, all of which were transacted by Jones Lang LaSalle's Hotels & Hospitality Group.
Sydney continues to be Australia's most sought after hotel investment market accounting for over 60% of the total transaction volume so far in 2013.
"This year Sydney has reclaimed the mantle from Perth as Australia's strongest performing market with average occupancy levels of approximately 85% and RevPar growth of 5.2% in the year-to-date September 2013". Mr Durran continued. "In a bid to capitalise on the strength of this market a number of hotels are refurbishing and repositioning guest rooms to drive additional average rate growth."
Managing Director, Investment Sales Hotels & Hospitality Group
+61 2 9220 8793