Rydges Hotel in the bustling North Sydney precinct is on the market by Event Hospitality & Entertainment, which is looking at price expectations of about $100 million.
The $2.4 billion ASX-listed Event Hospitality & Entertainment is selling a range of non-core assets, which chief executive Jane Hastings said was part of the divestment strategy announced in February.
Speaking at the full-year results last week, Ms Hastings said good progress had been made with non-core property sales and $79.6 million had already been raised.
“The total gross proceeds exceed the most recent valuation for these properties by $29.8 million, a 60 per cent increase,” Ms Hastings said.
“Further non-core properties have been identified and are being prepared for sale, and we are on track to achieve the goals of realising proceeds of $250 million within two years.”
Rydges North Sydney is a 2549 sq m battle-axe freehold site at 54 McLaren Street, and is being offered with vacant possession by CBRE Hotels’ national director Wayne Bunz and managing director Michael Simpson.
He said the site’s flexible zoning will permit commercial and residential uses. The concept design prepared by Candalepas and Associates incorporates a 15-storey residential tower comprising 110 residential apartments over 14 storeys, with a single level of commercial/retail floor space at ground plane.
The media and entertainment group owns the largest cinema circuits in Australia, New Zealand and Germany and owns and operates more than 70 Rydges, QT Hotels, Independent Collection by Event and Jucy Snooze.
As part of its divestment, it’s selling Rydges Bankstown; it also comes as Sydney businessmen Phillip Wolanski, David Baffsky and John Landerer are selling the Rydges Sydney Airport, which they developed in 2013.