A North Hobart hotel built on a 1.186-hectare site with 63 rooms and suites has hit the market with an expected multi-million dollar price tag.
Rydges, located on Argyle Street between the North Hobart Oval and Friends’ School, was listed for sale on Tuesday.
The property includes a restaurant and bar, conference facilities, a swimming pool, gym and large car park.
JLL Hotels & Hospitality Group is managing the sale and says the site has a strong trading performance, high returns and significant future potential.
“Rydges Hobart has been a mainstay of the city’s hotel offering for many years now, enjoying an excellent reputation and strong trading history,” JLL Managing Director Peter Harper said.
“This, together with the incredible underlying landholding, provides a plethora of options for investors to consider either immediately or over the medium to long term while they benefit from a high yielding investment in the interim.”
The property also includes a large vacant building, originally a broom factory, suitable for adaptive reuse or redevelopment in accordance with the property’s inner residential zoning.
JLL Vice President Nick MacFie anticipates interest from a wide range of buyers, including traditional hotel investors, “land-bankers and developers”.
“Over recent years Hobart has become one of the strongest performing hotel and residential markets in the country with considerable investment and development from local, interstate and international groups,” he said.
The property is being sold through expressions of interest, closing in early June.
