Iris Capital's stake in Sydney's Clovelly Hotel to be sold

Iris Capital's stake in Sydney's Clovelly Hotel to be sold
Iris Capital's stake in Sydney's Clovelly Hotel to be sold

Colliers International and JLL Hotels & Hospitality Group are selling Iris Capital's stake in Sydney's Clovelly Hotel.

The hotel, overlooking Clovelly Beach is home to celebrity chef Matt Moran.

In February 2017, MorSol – a joint venture between Matt Moran and Solotel Hotel Group – secured a long-term leasehold interest in the Clovelly Hotel.

A triple net leaseback arrangement is part of the sale, as is Lessor ownership of the hotel licence and fifteen gaming machine entitlements.

Miron Solomons, Colliers Director, said the underlying intrinsic value of this property is exceptional and to find a beachfront investment of this size in Sydney especially with a tenant of this calibre is just so unique.

“The coveted triple net lease structure and fixed annual income growth make this a compelling annuity-based investment with great underlying property,” he said.

The sales campaign will close on 30th August 2017.

Tags: 
Commercial Property Clovelly

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