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.
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.
