Pretty penny for Paddington digs
Sydney’s newest hospitality venue, 25hours The Olympia, in the heart of Paddington, is being put up for sale with a price tag of about $125 million.
The one-time bar and picture palace has reopened as 25hours Hotel The Olympia.Credit:
Located at 1 Oxford Street, the brand new 109-room luxury lifestyle property is the result of a seven-year transformation of the iconic West Olympia Theatre into the country’s first 25hours Hotel.
It was developed by Central Element and backed by Boston Global, and was always earmarked for sale upon completion. Central Element was founded in 2010 and has a portfolio worth $3 billion in value, including more than 500 apartments delivered across metropolitan Sydney.
It is being sold through Sam McVay of McVay real estate.
Crowne Plaza Parramatta
IHG Hotels & Resorts has been awarded the contract to operate the 217-room Crowne Plaza Parramatta at the centre of a $750 million two-tower project opposite Parramatta railway station. It will feature a direct link from the hotel to the station as well as an all-day restaurant, lobby bar and rooftop infinity pool.
It is being developed by Urban Property Group, which has earmarked Parramatta city for large-scale growth underpinned by the new Powerhouse Parramatta Museum and the expanded Riverside Theatres precinct.
An artist’s impression of Crowne Plaza Parramatta. Credit:
There is also high demand for hotel accommodation and new hospitality venues with the opening of Western Sydney International Airport at Badgerys Creek.
It comes as IHG prepares to launch its new Intercontinental hotel at Coogee, in the eastern suburbs.
The 198-room property will open in two phases, with guest accommodation and dining venues opening in December, followed by the leisure deck with pickleball courts, ocean-facing infinity pool, spa and Club InterContinental in March 2026.
Parramatta suite
To cater for growth in Parramatta, a strata office suite is being offered at 126 Church Street. It is the first strata offering in the precinct to arise in at least five years.
The 12-level commercial building is directly opposite Parramatta Railway Station and Bus Interchange, with strata suites ranging from 45 square metres to 740 sq m as a full floor along with secure basement parking.
Colliers agents Harry Bui, John McCann, Andrew Bui and Swami Vishwanathan are advising on the sale.
Nearby, property developer Holdmark has secured Coles as the anchor tenant for Burwood Place, its $2.5 billion urban regeneration project in Sydney’s inner west.
Set to deliver more than 1000 new homes, Burwood Place is designed as a “five-minute neighbourhood” that combines residential towers, commercial buildings, open spaces, entertainment precincts, an arts and culture House and public squares.
A 4000-square-metre Coles supermarket will occupy the lower ground floor, supported by a mix of retail, dining and services alongside Burwood railway station.
