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News release

Sydney

Crest Hotel Sylvania sold to institution


​JLL Hotels & Hospitality Group are delighted to announce the sale of the Crest Hotel, 114 Princes Highway Sylvania to ISPT.

The two-level hotel is located in the car park of the ISPT owned Southgate Shopping Centre and occupies a strategic 3744sqm site area with right of way access to over 105 car bays and a drive-thru bottleshop. It is approved to trade to 3am and includes 24 gaming machines and three separate on-site retail tenancies, including Subway.

Selling agent, John Musca National Director - Investment Sales, JLL Hotels & Hospitality Group suggested, "With its 2:1 FSR mixed-use development potential (STCA), and exceptional trading location, this was one of those rare hybrid assets that offers real value-add potential for both hoteliers and developers." He continued, "As a result we secured a number of offers to lease the hotel for retail investors, including the successful bidders, so they can access a passive rental income stream on the site until development and maximisation opportunities are pursued."

Southgate Shopping Centre already enjoys Coles, Woolworths, Kmart, First Choice Liquor Superstore, AMF Bowling anchor tenancies and a McDonalds drive-thru, and has a reported circa 4.7 million shopping visits per annum and over 1,049 car parking spaces. Interest had been mooted in the Crest site from a range of retailers including Aldi, Pet Barn, Hungry Jacks and a myriad of other retailers, fast food and petrol station operators.

Mr Musca suggested, "Ultimately this site lends itself to a range of optimisation possibilities including three-star hotel accommodation, retail and hospitality uses and residential apartments so the opportunity to access a holding income on a key mixed-use site was not lost on the market, judging by the keen bidding received from hoteliers and developers alike."

The sale brings to 16 the number of hotel sold by JLL over the past five months alone with further sale announcements expected shortly.