The Kelly family, which owns several landmark Sydney hotels including the Doncaster in Kensington, has sold the car park of the Brookvale Hotel at Pittwater Road in Sydney’s northern beaches for about $15 million.
Local developer DevelopmentLink headed by real estate builder and agent Ray Touma acquired the 3456-square-metre site, which has development approval for a 73-apartment five-storey mixed-use project.
The Brookvale Hotel site. Photo: Google
The DA allows 664 square metres of retail and commercial space, six live-work suites and basement parking.
The site a at 511-513 Pittwater Road has two separate street frontages to Old Pittwater Road and Roger Street.
“There was strong interest from the market to acquire this site for a number of reasons, including its location in the Brookvale town centre and proximity to Westfield Warringah Mall, which is approximately only 750 metres from the site,” JLL’s Sam Brewer who marketed the property with Ben Hunter said.
“The high position of the land was also a key strength, as this will allow some of the apartments to take advantage of the coveted ocean views.”
Brookvale Hotel, Pittwater Road. Photo: Google
Brookvale has become popular with developers of late, as have the conversion of pub sites into residential developments as the housing markets boomed.
St. Vincent de Paul Society NSW sold a site in Brookvale early this year for more than $11 million in a short-term sale-and-leaseback deal.
Residential builder Dyldam will build 300 apartments on the iconic Bull & Bush Hotel in Baulkham Hills in Sydney’s north after buying it for $50 million.