George Karageorge buys Surry Hills City Crown Motel for $11.5 million

·

The Surry Hills City Crown Motel has sold for $11.5 million to prolific property developer George Karageorge, according to realcommercial.com.au.

The motel has 28 tiny rooms and is well located at 287-289 Crown Street.

With three property developers and two other high-net-worth investors registered, bidding started at $9 million and rose in $100,000 increments to $10.5 million, where it passed in.

The Surry Hills City Crown Motel.

Twenty minutes later, the motel sold to Karageorge who plans to convert it into apartments.

The site previously had development approval for a new 42 boutique hotel by adding an additional three storeys, but that has now lapsed.

Karageorge is the owner of Stasia and has done about 20 apartment projects of various sizes around Surry Hills.

Source: realcommercial.com.au.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Step into the world of mental health with Georgia Cassimatis’ latest book

Greek Australian author and journalist, Georgia Cassimatis, has released a book all about exploring the world of mental health.

GOCNSW Welfare Service to put a spotlight on cyber security awareness

The Greek Orthodox Community of NSW’s (GOCNSW) Welfare Service has organised three Cyber Security Awareness education and training workshops.

Marriage of a Greek woman abroad: What to watch out for

It is during this registration process that numerous problems arise, which are not dealt with immediately but later on.

Athena Competition Greek winners show olive oil diversity

By Lisa Radinovsky from Greek Liquid Gold. At the 10th anniversary edition of the ATHENA International Olive Oil Competition in Chania, Crete, Greece in May, 175 Greek olive oils...

Greece’s island communities face population crisis

The demographic decline in Greece is hitting its islands hard, with Lemnos and Agios Efstratios showing alarming signs of aging populations.

You May Also Like

Nick Kyrgios serves as inspiration for new Hollywood film ‘Challengers’

Nick Kyrgios has been revealed to be the latest inspiration for new Hollywood film, Challengers, directed by Luca Guadagnini. Read more here.

Greek ministers attend summit with France, Italy and Cyprus to address Libya crisis

Egypt to host a summit with the foreign ministers of France, Italy, Greece, Cyprus on Wednesday to discuss how to resolve the Libyan crisis, according to a Monday Foreign Ministry statement.

Greek helicopters arrive in Australia to help with the summer bushfire season

Four S-64 Air Crane helicopters, which were shipped from Greece, arrived in Australia on Saturday night, just in time for the summer bushfire season.