The Kelly family’s plan to subdivide and sell off the rear of the Brookvale Hotel has resulted in a developer paying $15 million for the northern Sydney block.
The Kelly’s own a number of hotels in Sydney, and several years ago sought and finally gained approval to split and develop a large section of the block containing their northern beaches pub.
For many years the space has been used merely as a carpark. The high median price for land in the area, coupled with the approved DA to build a five-storey mixed use development, brought DevelopmentLink Pty Ltd to pay $15 million for the 3,456 square metres.
The DA would allow DevelopmentLink to construct a complex of 73 apartments, six work/live spaces, over 600 m² of retail and office space, and basement parking. It enjoys street frontage off Pittwater Road via both Old Pittwater Road and Roger Street, and due to its aspect at the start of Beacon Hill, the upper levels will enjoy ocean views.
The sale follows a trend of pubs around the country selling part or all of their generous blocks to house residential and/or commercial projects. Last year saw the $50 million sell-off by Paul Irvin Hotels of the sprawling Bull & Bush, and currently Bruce Solomon is seeking a developer to build upon the chunk of Parramatta that holds his popular Albion Hotel.
Marketing of the property was managed by JLL’s Sam Brewer and Ben Hunter.
