Vibe Hotel Rushcutters Bay sells for $125m for apartments
The Vibe Hotel opposite the park in Rushcutters Bay has sold for $125m to the same people who are redeveloping Sirius at The Rocks.
The buyers are JDH Capital, the investment firm of former Macquarie banker Jean-Dominique Huynh.
The hotel, which is where actor Matt Newton trashed a room in 2009, is set to be converted to 123 apartments that are expected to sell for well over $350m.
CBRE agent Ben Stewart, who negotiated the deal with CBRE chairman Justin Brown, says many of the apartments will have incredible harbour views.
“It’s set to be a brand-new building with new floors, facade and balconies,” Stewart said.
“We’re in the process of choosing the interior designer.”
The apartments are expected to go to market off-the-plan in October this year.
It’s expected there will be 50 one-bedroom apartments priced from $1.3m; 50 two-bedders from $2.5m and 20 three-bedders from $4m.
There will also be four penthouses priced from $8m.
In other eastern suburbs new apartment news, Stewart and Brown have also negotiated the sale of a house at 2A Wunulla Road, Point Piper and an apartment block next door for $41m to Danny Avidan of Dare Property.
The site, opposite the Rose Bay Police Station, is set to become 20 three-bedroom residences in a development to be known as Piper House.
It will feature two bedroom units priced from $3.5m and three bedroom units from $5m.
Author: Stephen Nicholls
Source: Real Commercial