Former hotel site in Sydney's Glebe up for sale
A former hotel site in Sydney’s inner suburb of Glebe is for sale with the opportunity to tap into the city’s burgeoning student accommodation market.
The Roxbury Hotel, a distinctive red-painted and long-closed pub at 182 St Johns Road, as well as an adjoining Victorian terrace house at 180 St Johns Road, are for sale separately.
The properties are expected to fetch above $5.5 million.
The expressions of interest campaign closes on November 29, and if not sold by that they will be auctioned off by Ray White Commercial on November 30
The listing agents are Justin Rose and Kristian Morris.
Rose says the offerings will appeal to buyers seeking either an opportunity to redevelop or to occupy.
The high-exposure combined sites with a combined area of 494 sqm have DA approval until March 2021 for redevelopment to add an additional level and build 25 self-contained units and a roof terrace plus retail space suitable for a cafe, restaurant or bar.
Both buildings are offered for sale with vacant possession.
The Glebe offering follows the high-profile $21 million sale of 142-152 Broadway, Chippendale, at auction on November 2.
The University of Notre Dame Australia bought the site, which is next to its Chippendale campus.
The deal was facilitated by Rose.
With the University of Sydney, UTS, TAFE campuses, FBI Fashion College and Notre Dame close by, the city fringe is already a hotspot for student accommodation. Nearby facilities include Urbanest in Glebe, Sydney Central and Redfern, Unilodge at Ultimo and Iglu at Broadway, Central and Central Park.
However, Rose says the scope for buyers at the Roxbury site is not limited to only a development opportunity.
“The existing two-storey 700 sqm old Roxbury building, which is on a 367 sqm corner block, has great light, character and architectural features,” he says.
“In addition to the DA approval, the site also offers an owner-occupier an opportunity with future development potential, or for partial occupation with multi-income potential.”
The licences for the hotel and 15 poker machines are for sale by separate negotiation.