The Esplanade Hotel in Devonport has been sold, 11 years after a major overhaul.
It’s one of 3 properties just sold by Bayleys North Shore agents.
Corner Victoria St & Queen’s Parade:
Features: 1084m2 site, 1832m2 115-year-old Esplanade Hotel opposite the Devonport ferry terminal, leased to the Esplanade boutique hotel accommodation business, comprising 17 hotel suites on the top 2 levels & a restaurant, function & bar area on the ground floor, plus another ground-floor restaurant tenant, with additional income from 3 telecommunication leases; the building underwent a major refurbishment in 2004
Rent: $380,000/year net + gst
Outcome: sold to a Chinese investor from Guangzhou for $6.199 million at a 6.1% yield
Agents: James Chan & Matt Lee
8 Lake Rd:
Features: 1014m2 site, 780m2 mixed-use building, 5 tenants – 4 commercial and a 2-bedroom apartment upstairs
Outcome: sold for $1.685 million at a 5.6% yield
Agent: Stephen Scott
76 Ellice Rd:
Features: 1914m2 roadfront site, 1075m2 industrial building – warehouse 616m2, office 228m2, showroom 232m2
Outcome: sold vacant for $2.275 million
Agents: Scott Kirk, James Were & Ranjan Unka
Attribution: Agency release.