Saturday, October 26, 2013

Foreign investor snaps up Clocktower Square

The Clocktower Square at Harrington Street, the Rocks, has been bought by the Singaporean Far East Organisation for $72 million.

The deal comes as foreign investors look to enter the Australian CBD hotel and residential market, which included the Sydney's Four Season Hotel which was bought, in August, by the Korean investment giant Mirae Asset Global Investments for $340 million.

According to sales agent, Jones Lang LaSalle's hotels and hospitality group's managing director, investment sales, Mark Durran, the Clocktower mixed use building incorporated The Rendezvous Apartment Hotel, 138-bay commercial car park, office and retail space.

"The sale represented a rare opportunity for an investor to secure a foothold in the tightly held northern corridor of the CBD, offering panoramic Harbour Bridge and Opera House views, with development potential for an expanded prestige hotel offering,'' Mr Durran said.

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He said the sale of the Clocktower Square complex follows the sale of other northern CBD hotels including the Observatory Hotel (now The Langham), Ibis King Street Wharf, Shangri-La Sydney and Marriot Sydney Harbour Hotel, all of which were transacted by Jones Lang LaSalle's Hotels & Hospitality Group.

''Sydney continues to be Australia's most sought after hotel investment market accounting for over 60 per cent of the total transaction volume so far in 2013,'' Mr Durran said. "This year Sydney has reclaimed the mantle from Perth as Australia's strongest performing market with average occupancy levels of about 85 per cent and revenue per available room (RevPar) growth of 5.2 per cent in the year-to-date September 2013".

Mr Durran said that in a bid to capitalise on the strength of this market a number of hotels are refurbishing and repositioning guest rooms to drive additional average rate growth."


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