Laundy Hotels acquires 71 Longueville Road in Lane Cove for new head office

20 March 2023

Private equity investor Property Bank Australia has sold 71 Longueville Road in Lane Cove to Laundy Hotels for its new head office.

The sale of the four-storey building, which has 4,096sq m of net lettable area and on a 1,880sq m corner site, was brokered by Chris Hartigan of Hartigan Bolt and Tyler Talbot of Knight Frank.

The property sold for $33 million with the yield on passing income being around 6 per cent and a rate of $8,056 per square metre.

The property, located in the heart of Lane Cove, features modern office space with plenty of natural light and an open floor plan.

It is situated in a prime location surrounded by the Lane Cove Plaza shopping district, with convenient access to public transportation and a variety of local amenity.

Laundy Hotels is a well-known hospitality company with a reputation for excellence in the industry. It has been looking for a new head office to accommodate their growing team, and 71 Longueville Road Lane Cove was the perfect fit.

Nick Tindall of Laundy Hotel Group confirmed the group’s acquisition saying: “Laundy Hotel Group is very excited to take the reins of such a unique building on a gateway site to one of Sydney’s best suburbs.

“The location and amenity of our new head office will assist in our drive to attract the best and brightest candidates to our business operations.”

Chris Hartigan of Hartigan Bolt expressed his satisfaction with the transaction, saying: “We are thrilled to have successfully facilitated another sale transaction for Property Bank Australia.

“The sale of 71 Longueville Road Lane Cove to Laundy Hotels represents an exceptional investment opportunity and is a strategic location for their new head office.”

Tyler Talbot of Knight Frank said: “Despite the challenging market, the property was highly sought after and the result demonstrates the continued strong demand for quality boutique assets in the sub-$50 million range.”

“This property is in a great location just 11 kilometres from the Sydney CBD and close to plenty of amenity, as well as having potential mixed-use development upside, making it an attractive investment.”

Property Bank Australia acquired 17 office buildings across the Melbourne and Sydney office markets post GFC and this leaves just one of those assets remaining.

71 Longueville Road has been owned by the group for almost 10 years and has performed well over that time.

Recent sales for the group included 51 Berry Street, North Sydney which was sold to a Hong Kong Buyer in 2022 for $66.3 million and 53 Berry Street, North Sydney which sold to the Lederer Group the year prior for $54 million.

The sale of 71 Longueville Road Lane Cove is a testament to the strong asset management of Property Bank Australia who have lifted the standard of the building with improved services and offices to create the number one office building in the precinct.