The Lantern Group sold the Uncle Bucks Hotel in Mount Druitt, for $25.3 million to the family-operated De Angelis Group, which owns number of hotels in Western Sydney.
The hotel sits on a 5640 square metres site between the Mt Druitt shopping centre and the hospital, and has redevelopment prospects.
“We have big plans for it, we identified it as under-valued and underdone six months ago,” said Peter De Angelis.
“We’ll sit down and masterplan the whole site, adjust the hotel offering and look at how the retail components work, considering the height and FSR benefits.
“The Lantern Group sold the Ambervale Hotel on a 7200 square metre site within minutes of Campbelltown CBD and Macarthur Square, for $21.2 million to private hotel interests.
The hotel is close to the Greater Macarthur Priority Growth Area, which is expected to deliver up to 33,000 new homes via a staged land release in the surrounding areas of Mount Gilead, Menangle and Appin.
CBRE Hotels’ Daniel Dragicevich, who was involved in both sales, the two sales had been timed to capitalise on current market conditions and the unprecedented undersupply of quality freehold gaming hotels in Sydney.
