Following a flurry of significant freehold hotel sales, including well-known Sydney properties The Colombian Hotel and The Commodore Hotel, Ray White Hotels Asia Pacific director Andrew Jolliffe has now listed Top 100 gaming property The Tennyson Hotel on Botany Road in Mascot.
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The Tennyson Hotel is a multi-level and very popular hotel with 30 gaming machines, and notwithstanding the latest ranking at 87 in the state of NSW, the hotel requires an upgrade, and leading hotel architect Paul Kelly has designed a renovation which has recently enjoyed D.A. approval. "Only a very small number of Top 100 gaming hotels have changed hands over the past few years, such is the vice-like grip the ever-diminishing number of consolidating ownership bodies hold on this particular asset class," Mr Jolliffe said. The hotel, even in its current unrenovated state, attracts in excess of $8 million in annual receipts from predominantly high gross profit margin revenue centres.
Moore for the job
Well-respected property executive Charles Moore has been appointed as the chief executive of the Sydney Olympic Park Authority (SOPA). Mr Moore was previously the chief executive of the Commonwealth Property Office Fund and has been an advisor to the Property NSW. The SOPA board, chaired by The Hon John Fahey, will support the precinct overhaul set to provide homes for 23,500 residents, businesses, new transport links, parklands and retail. The recently released SOPA 2030 Master Plan outlines the biggest revitalisation of Sydney Olympic Park in its history.
