Abode Hotel and Apartments Woden in Canberra has been listed for sale by Boutique Property Investment Fund Manager – The Shakespeare Property Group, with price expectations around $50 million.
CBRE Hotels’ Michael Simpson and Vasso Zographou are managing the sale via an Expressions of Interest campaign closing March 6, 2023.
“With high yearly rental increases and a long-term lease, the hotel provides the incoming purchaser with the certainty of income and rental growth,” Mr Zographou said.
“Opportunities to secure such a centrally located leased asset providing net rental growth is extremely rare in today’s market.”
The 10 Bowes Street hotel is 10km south of the Canberra CBD and 5km from the Parliamentary precinct, providing access to all commercial centres within the ACT and surrounding residential suburbs.
Situated on a 1,516 sqm Crown land-leased site, the hotel consists of 151 self-contained, apartment style rooms and one two-bedroom apartment, three conference rooms, and an all-day dining in-house restaurant.
The hotel is leased to Iconic Hotels under its Abode brand, which is a division of Geocon, the largest residential builder-developer in Canberra delivering mixed-use residential and commercial precincts.