The eponymous hotel was replicated interstate with Ettamogah hotels opening on Queensland’s Sunshine Coast, at Cunderdin in Western Australia and at Kellyville Ridge in NSW.
Savills agents Leon Alaban and Drew Mitchell are advising on the sale.
Branded residences
Buying an apartment that carries a hotel name, known as branded residences, is gaining traction according to the latest Knight Frank report in conjunction with McGrath Real Estate.
The global report, published this week, shows strong, sustained growth in the branded residences sector, with the number of schemes rising from 169 in 2011 to 611 today and a forecast 1019 by 2030.
One Barangaroo tower (centre right) in Sydney offers branded apartments.Credit: Bloomberg
Momentum has accelerated since 2023, fuelled by growing demand for branded living as well as developers’ appetite for premium positioning.
The attraction? Residents can access hotel facilities such as room service, restaurants and pools, but remain separated from the busy hotel. Most projects cover two adjoining towers.
Views from the penthouse at One Barangaroo Crown residences.Credit: Bloomberg
Australia’s most notable example of the concept is One Barangaroo in Sydney, developed by Crown Resorts. Accor has the Mondrian hotel and residences on the Gold Coast, and the group, which hosted the 2000 Sydney Olympics Hall of Fame at Accor stadium in Homebush on Monday night, has plans to expand its offerings around the country.
In Melbourne, developer Tim Gurner plans to bring a major hotel brand to its Jam Factory development, expected to open in 2027.
Head of residential research at McGrath Estate Agents, Michelle Ciesielski, said that around the world, branded residences have become a significant asset within buyers’ property portfolios.
Mega lease
A major lease has been signed for 128,000 square metres at Goodman Group’s intermodal facility at Minto to transport and logistics giant Medlog for 15 years.
The mega site at 9 Stonny Batter Road is the first time an intermodal facility of this calibre has been offered for lease in Sydney in recent years.
Goodman Group has leased its intermodal facility at Minto to Medlog.Credit:
The property comprises three freestanding warehouses, a two-level corporate office and a substantial 71,876 sq m container-rated hardstand with stacking capacity up to five high.
Colliers’ agents Trent Gallagher and Angus Urquhart advised on the lease.
Surry Hills sale
Private investors Nick Kumar and Gajinder Paul are selling a sought-after site on the inner city fringe with a price tag of about $40 million.
The nine-storey commercial building at 29-37 Bellevue Street is now the home of the University of Southern Queensland and Canterbury College.
Loading
Each floor plate in the building covers 420 square metres, with expansive views of the city and the Surry Hills neighbourhood, as well as close access to the light rail, bus and rail routes.
It comes with 37 car spaces and a large rooftop terrace and after 20 years of occupation by the colleges it is ripe for refurbishment.
Commercial agent Justin Rose is advising on the sale.
carolynannecummins@gmail.com
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion. Sign up to get it every weekday morning.
