Sydney's Addison Hotel sells for $17.1 million

A hotel just a stone's throw from the Sydney CBD and Randwick Racecourse has sold to a developer for $17.1 million.

The five-storey Addison Hotel, 147-151 Anzac Parade, Kensington, was sold to a Chinese developer with plans to develop the property, according to Peter Kotzias from Ray White Commercial South Sydney.

Mr Kotzias said the building includes 42 x 26 sqm serviced apartments as well as a 44 sqm manager’s apartment and 351 sqm of commercial space. 

“The purchaser will be operating the existing hotel/accommodation as it is for the time being and enjoying the current cash flow,” Mr Kotzias said.

"The building is situated on a land area of 1,453 sqm and comprises 44 strata lots and basement parking for approximately 35 cars.

"It’s also in close proximity to Centennial Park and a short distance to Sydney’s famous eastern suburbs beaches as well as shopping centres and other amenities."

There are future plans to redevelop the property.