Sydney, 10 February 2016 – A former hotel in the heart of Redfern’s rapidly evolving commercial hub has been listed for sale, paving the way for a landmark student accommodation development in Sydney’s premier student precinct.
CBRE Hotels Director Andrew Jackson and CBRE Metropolitan Investment Director Tim Grosmann have been appointed to sell the prominent 232sqm site, which has been earmarked for a six level student accommodation development with ground floor retail.
Formerly the home of Redfern House Hotel, the site benefits from three street frontages and is centrally positioned in close proximity to the CBD, University of Technology Sydney (UTS), University of Sydney, Curtin University and TAFE NSW.
Mr Grosmann said the property’s sale would unlock an opportunity to undertake a significant development in one of Sydney’s most revered and rapidly evolving locations.
“With the considerable changes that have taken place in Redfern in recent years, opportunities of this type are becoming harder to acquire in this tightly held location,” Mr Grosmann explained.
“The opportunity to acquire a prominent site such as this with development approvals in place for a student accommodation project is expected to ignite strong interest from the local, domestic and international investment markets.”
Mr Jackson said the strong current demand for both boarding houses and student accommodation in Sydney would underpin interest in the property.
“Sydney’s student accommodation is significantly undersupplied, with a high level of unmet demand in this sector of the market,” Mr Jackson said.
“Located in the heart of Sydney’s university precinct, in close proximity to education facilities, amenities and public transport networks, this property will be of significant interest to investors looking to capitalise on the opportunities available in this growing sector of the market.”
The property will be offered for sale via auction on March 1 at 10.30am.
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