Vibe Hotel Rushcutters Bay sells for $125m for apartments

The $125m that developers paid for a Sydney hotel sounds expensive, but wait until you hear what the new apartments there are going to sell for.

The Vibe Hotel at 100 Bayswater Road, Rushcutters Bay, is to be converted into 123 apartments.

The Vibe Hotel opposite the park in Rushcutters Bay has sold for $125m to the same people who are redeveloping Sirius at The Rocks.

The buyers are JDH Capital, the investment firm of former Macquarie banker Jean-Dominique Huynh.

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The hotel, which is where actor Matt Newton trashed a room in 2009, is set to be converted to 123 apartments that are expected to sell for well over $350m.

CBRE agent Ben Stewart, who negotiated the deal with CBRE chairman Justin Brown, says many of the apartments will have incredible harbour views.

A king room at the Vibe Hotel in Rushcutters Bay.

“It’s set to be a brand-new building with new floors, facade and balconies,” Stewart said.

“We’re in the process of choosing the interior designer.”

The apartments are expected to go to market off-the-plan in October this year.

It’s expected there will be 50 one-bedroom apartments priced from $1.3m; 50 two-bedders from $2.5m and 20 three-bedders from $4m.

There will also be four penthouses priced from $8m.

Exterior of the Vibe Hotel in Rushcutters Bay.

In other eastern suburbs new apartment news, Stewart and Brown have also negotiated the sale of a house at 2A Wunulla Road, Point Piper and an apartment block next door for $41m to Danny Avidan of Dare Property.

The site, opposite the Rose Bay Police Station, is set to become 20 three-bedroom residences in a development to be known as Piper House.

It will feature two bedroom units priced from $3.5m and three bedroom units from $5m.

Originally published as Vibe Hotel Rushcutters Bay sells for $125m for apartments