Australia: Adina Norwest, an aparthotel in Sydney, has been bought by a private buyer.
The 109-room Adina serviced apartment development at
Brookhollow Avenue, Norwest, was purchased before expressions of
interest were closed. The selling agents were Knight Frank's Arland
Domingo, Dominic Ong and Wally Scales; and Savills' Michael Simpson
and Greg Cohen.
The property, which also has commercial tenancies, is located close to one of the eight future metro stations on the new Sydney Metro Northwest line, which is expected to be completed in 2019.
The complex is fully leased and has scope for redevelopment. A redevelopment proposal could see the property expand from 10,000 to 12,049 square metres with room numbers doubling.
Sydney Metro Northwest services will feature 15 trains an hour - every four minutes at peak - with twin 15 km railway tunnels between Bella Vista and Epping being the longest railway tunnels ever built in Australia.