Crown Street, Surry Hills motel sells at $314,000 a room
Jonathan ChancellorDecember 7, 2020
The 28 room City Crown Motel at 287-289 Crown Street, Surry Hills has sold for $8.8 million.
LJ Hooker Commercial South Sydney agent Barry Griffiths secured a room rate of $314,000 with seven bidders.
The 385 sqm site was sold with approval for a 42 bed motel.
The purchasers were described as private partners looking to get a foothold in the inner city accommodation market.
It last traded when bought by Nola Holdings in 2002 at $3.55 million.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.