Sam Arnaout’s Iris Capital has acquired another property along the Corso, Manly paying $31.2m for two buildings alongside the Ivanhoe Hotel.
The Group paid;
- $16.8m for the 4 storey art deco building at 21 The Corso, containing a ground floor retail, four 1 bedroom units and 6 two bedroom units,
- $7.5m for the 2 storey 235sqm property at 25 The Corso and
- $7.5m for 27 The Corso which houses the Ivanhoe Hotel Bottle shop.
In February this year, Iris Capital were reported to have paid $60m for the Ivanhoe Hotel at 27 The Corso (the reported price is likely to have included the above properties). The Hotel and the above properties alongside it were sold by the Peterson Family who held the properties for 36 years.
Iris Capital are a fully integrated development and hospitality group having developed over 2,000 apartments since 1996 and currently owning three fully operational vineyards and 25 major Hotels in Sydney and NSW.
In 2019, the Group also acquired the Hotel Steyne, at the eastern end of The Corso, which it bought for $65 million in 2019 from interests associated with John Singleton.
Whilst the IRIS Group will plan to maximise the 1,140sqm combined Ivanhoe site, the vendors obtained a DA in 2020 to make alterations and improvements to the site despite which are yet to be implemented. The site is zoned B2 Local Centre with an FSR of 2.5:1 and a maximum height of 10m.
Woolworths will also be opening a Metro store in the old Commonwealth Bank building at 29 -31 The Corso, on the eastern side of the Hotel.
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