Glebe’s landmark former Roxbury Hotel site is for sale with the opportunity to tap into Sydney’s burgeoning student accommodation market.
The 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 via expressions of interest, closing on November 29.
If the separate properties are not sold by that date, Ray White Commercial Sydney City Fringe co-principals Justin Rose and Kristian Morris will take the combined 494sqm property to auction on November 30.
Mr Rose says the offerings will appeal to buyers seeking either an opportunity to redevelop or to occupy. Interest is sought from $5.5 million.
The high-exposure combined sites 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 neighbours its existing Chippendale campus, in a deal where Mr Rose was co-agent.
With the University of Sydney, UTS, TAFE, FBI College and Notre Dame close by, the city fringe is already a hotspot for student accommodation. Nearby facilities including Urbanest in Glebe, Sydney Central and Redfern, Unilodge at Ultimo and Iglu at Broadway, Central and Central Park.
However, Mr Rose says the scope for buyers at the Roxbury site is not limited to this just a development opportunity.
“The existing two-storey 700sqm old Roxbury building, which is on a 367sqm 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.
If the properties are not sold by the end of the EOI campaign, the auction for the combined properties will be held at 10:30am on November 30 in Ray White Commercial’s rooms at Level 17, 135 King Street, Sydney.