The vacant plot that once held the Argyle Street Hotel has come to market, complete with 24-hour hotel licence and gaming.
Situated at 111-127 Argyle St, Parramatta, the 2,812 m² site is directly opposite Parramatta train station and next door to the Westfield complex, and could fetch $30 million.
In previous incarnations it was known as Stallions, then Paradise, before Patrick Gallagher purchased it and named it the Argyle Street Hotel.
Around 2001 the block was compulsorily acquired from Gallagher for around $20 million to build a new bus terminal, but this never happened. In 2008 it was sold to building giant St Hilliers for $22 million with plans for a $100m mixed-use tower, but this also never eventuated in most part due to the onset of the GFC.
Still holding its hotel licence as well as 15 gaming entitlements plus 14 permits, the now vacant block holds even greater potential in booming Parramatta, offering zoning of B4 mixed use & B3 commercial core that could see a big-ticket hospitality, commercial and residential development.
Construction in the area is already at record pace, capitalising on Government plans for infrastructure investment such as a light rail and upgrade to heavy rail and the ferry service. The site’s location would offer sweeping views over the river to the Sydney CBD.
It’s being marketed by JLL Hotel’s national director – hotel investment sales, John Musca, and head of metropolitan sales & investments – NSW, Sam Brewer, on behalf of vendor, Property NSW. Musca suggests it may be the last of its kind in the highly developed precinct.
“The multi-zoned strategic city centre site with separate, tangible hotel licence and gaming assets presents as a remarkable offering to hoteliers seeking a city centre greenfield hotel opportunity as part of a broader development scheme, which simply don’t exist anywhere else in Sydney.
“As demand is strong for opportunities within Parramatta, the asset represents one of the most sought after hotel development opportunities remaining in Sydney and is quite likely to be the last anticipated new build opportunity that we might ever see in Parramatta,” said Mr Musca.
The Expressions of Interest campaign will close Wednesday, 24 August, 2016.
Vacant plot in the upper end of Argyle Street, which is now part of the Transitway.