Description: 20 Year Lease. 82 large spacious and comfortable apartments in the heart of Castle Hill Business Area and at the entrance to Norwest Business Park. 30km from Sydney CBD.
Star Standard: 3.5 to 4 star
Construction: Concrete multi-storey construction with gyprock partitions. 82 large spacious and comfortable apartments - above average in size (40 hotel and 40 permanent lettings, 2 used by management)
Age: 20 years
Clientele: Mix of corporate and tourism
Land Area: 3,604sqm approx.
Tariffs: 40 Hotel rooms from $180 - $280 per night; 40 on Permanent Lease from $500 per week
Lease: 20 years
Rent: $1,200,000 per annum CPI
Services: Licensed, air-conditioned, undercover parking, landscaped outdoor area, laundry facilities in apartments (45), fire rated
Turnover: 2022/23 Trading from 01.05.23 to 30.09.23 $744,234; Permanent lettings for 39 apartments $76,500 per month
Comment: Outstanding opportunity. Apartment style hotel in the heart of Castle Hill Business Area. Castle Hill is one of the strongest growth areas in the city of Sydney. We are sure both rates and profitability can be greatly increased with hands-on management.
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