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Quick sale confirms demand for CBD development opportunities
183-185 Clarence Street, Sydney has sold to a new entrant into the Australian property market in a deal negotiated by Andrew Langsford, Vice President, JLL Hotels & Hospitality Group.
The centrally located 1,030sqm site, a former Ausgrid substation, offers dual street frontage to Clarence & Kent Streets along with strategic proximity to Sydney's largest urban renewal projects – Barangaroo and the new International Convention Centre Sydney.
The property, which has been earmarked as a potential hotel development, was settled in just over five weeks from the commencement of an Expressions of Interest campaign. Mr Langsford said "The deal highlights the continued demand for well-located development opportunities."
The sale follows a number of similar transactions by groups comfortable with new hotel developments such as Ninety Four Feet and the Yeh Family.
"The positive outlook for the Sydney hotel market is underpinned by continued strong trading fundamentals. Whilst there has been an increase in proposed new hotels, across the Sydney CBD and surrounding areas, any new supply is expected to be readily and easily absorbed by the market given the current high trading levels and strong forecast annual growth over the coming years." added Mr Langsford.
The low Australian dollar continues to be a driving factor for both Domestic and International tourism. Tourism Research Australia recently indicated that domestic travel has shown further growth with overnight trips up 7 per cent and spend growing 6 per cent, as at year end September 2015.
International visitor nights were up 10 per cent, with inbound travellers spending a record $34.8 billion, an increase of 13 per cent. Most notably visitor numbers from China increased by 22 per cent over the same period with spending increasing a significant 43 per cent.
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