Closed Hugo's Potts Point Pizzeria lounge and bar sold through Savills

Closed Hugo's Potts Point Pizzeria lounge and bar sold through Savills
Closed Hugo's Potts Point Pizzeria lounge and bar sold through Savills

The former Hugo’s Pizza Bar and Lounge in Sydney's Potts Point has sold separately for $1.685 million and $2.65 million respectively at auction to local investors.

Located at 33 Bayswater Road, the two lots comprised the former Hugo’s Pizza Bar and the former Hugo’s Lounge,

Both sold with vacant possession.

The Pizza Bar, which fetched $1.685 million, was situated on the ground floor and consisted of four strata lots, spread over nearly 159 square metres.

Both lots were sold via public auction on Tuesday on behalf of Properties King Cross Pty Ltd through Robert Lowe of Savills International Sydney. 

The Hugo’s Lounge night club, which sold for $2.65 million, was on the first floor area and consisted of four strata lots spread over nearly 732 square metres, plus two car spaces.

The strong bidding meant both properties exceeded their reserve prices.

“This was an outstanding opportunity for potential owner occupiers, investors, or developers to either reuse the space as a restaurant, night club, or other retail or, commercial uses," said Lowe. 

There is the option to potentially reconfigure the first floor area into commercial or residential use, subject to Council Approval, he said.

“Potts Point has changed considerably over the years with older style buildings being converted into upmarket residential apartments and the perfect positioning of this property would make it an ideal redevelopment project,” Lowe said.

Hugo's Lounge closed blaming the lockout laws that came after alcohol-related violence in Kings Cross.

Tags: 
Commercial Sale

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