Figtree Hotel is up for auction, and if the last sale is anything to go by the owners could be set to make millions.
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The 9,334 square metre site at 47 Princes Highway last changed hands in 2007 for $3,280,000 – a value increase of 556 per cent.
Although the current listing by Ray White Hotels Sydney doesn’t have a price attached, it could be expected to at least reach a 50 per cent increase going by sales over the past five years.
“Extraordinary opportunity, tightly held large format Wollongong Hotel on multi-lane highway,” says the listing.
The sale also comes with development and amalgamation opportunities.
In April, the Illawarra’s Denmeade family let go of the Palm Court Hotel in Corrimal, selling it for just under $10 million.
The previous year, Unanderra’s only hotel was snapped up for $8 million with 3,737 square metres of commercial space.
While the dilapidated Imperial Hotel in Clifton was bought by the Shellharbour Worker’s Club for around $2 million with the intention to restore the building’s heritage.