Recent Sydney property transactions include the sale of Caves Coastal Bar & Bungalows by the Gravanis brothers’ Oscars Hotels, and Roxy Jacenko’s former Sweaty Betty headquarters. A vacant industrial site, previously owned by Shell, is on the market, offering significant hardstand space and Great Western Highway frontage. Bill Young, ex-Wallabies player, has purchased a hotel in a densifying Sydney area, acquired off-market.
Mirvac has settled the purchase of a half stake in a prominent Sydney office building, while Glenstone Constructions has bought an outer west Sydney site for a mixed-use development. The site will feature retail, office, and industrial spaces. Ashton Waugh and Ben Lawler are the new owners of the Cricketers Arms Hotel, located near the Sydney Cricket Ground, which will remain operational under their management. Acure Asset Management is reportedly raising $183 million for a trust backed by two Sydney offices.
Sydney Property Sales
The Labor government has greenlit a $1.263 billion Microsoft data center in Sydney, with a 96-megawatt capacity. A former Transgrid office in Surry Hills, sold to a student accommodation provider, will be redeveloped into a seven-level hotel. Bondi Beach’s former Noah’s Backpackers is set to become Australia’s first UMusic Hotel, a significant local economic boost. The North Sydney Hotel, operating since 1890, has changed hands between a husband-and-wife team. Griffith Group sold a Guzman y Gomez drive-thru for $12.275 million, setting a national record for quick-service restaurants.
A Central Coast Ford dealership sold for $10 million, with the 4717 square meter freehold at 14 Oakdale Road changing ownership. The Castlereagh Club’s sale marks the largest strata deal in Sydney CBD this year. Dexus and the Canada Pension Plan Investment Board have sold a prominent Sydney office with a retail podium. CDC Data Centres plans a $15 billion hyperscale data center campus on 103.8 hectares, 11 kilometers south of Sydney’s CBD.
Mulpha Australia has invested in two Sydney hotels, joining a high-profile ownership group. LogiSPACE has acquired its first asset, a 6.54-hectare industrial site in Chester Hill. James Walker Australia purchased a commercial building recently vacated by Rinnai after 32 years. Amazon has secured approval for a $2.3 billion data center campus in western Sydney, expected to be one of the region’s largest.
Tokyo Tatemono and UBS Asset Management have partnered with Charter Hall to invest in Australian logistics and industrial assets. The Royal Oak Hotel in Double Bay sold off-market. Goodman Group will replace a suburban Sydney office with a 135-megawatt data center.
Hotel Sales and Developments
IHG Hotels & Resorts has added two New South Wales properties to its partnership with Urban Property Group. A 1970s Lower North Shore childcare center is being marketed for potential conversion into a luxury project. Bathla’s collapse has left over 40 financiers and the Australian Taxation Office with $145 million in debts. Iris Capital sold the historic Wisemans Inn Hotel, purchased from Bill Young four years ago.
Sydney‘s heritage-listed SS South Steyne, once a ferry and later a floating restaurant, has been sold. A 14-asset medical center portfolio across Sydney, the Central Coast, and regional New South Wales has changed hands. May Hospitality acquired Newcastle’s Merewether Surfhouse for approximately $27 million, planning a major refurbishment. The Living Co purchased a student accommodation asset occupied by Boston University, while Freecity achieved Australia’s first WELL pre-certification for a student project.
New Developments and Sales
Charter Hall and Australian Venue Co bought two high-profile inner-city Sydney pubs from Amalgamated Hotels. Singapore’s GIC is backing a $450 million Sydney CBD office tower deal. Transport for NSW sold a 1270 square metre Lower North Shore site previously earmarked for power infrastructure.
