The former Pacific Suites hotel in Canberra has been refurbished and transformed into residential apartments.
Category
🗞
NewsTranscript
00:00 Once a hotel, now a place to call home. The Pacific Suites on Northbourne Avenue has been
00:06 completely refurbished and transformed into residential apartments. Interstate Investment
00:11 Group Alcyon purchased the former Service Department building, seeing a rare opportunity.
00:16 And the reason why the hotel was purchased was because there was a big shortage of
00:22 sizable apartments in Braddon in the city and the Crown lease actually allowed this hotel to be
00:27 converted to residential units which is very rare. Nearly one year later, construction is almost
00:33 complete. Yeah so it's a full demolition internally, bathrooms, kitchens, floor finishes,
00:41 balconies. From that point we've gone on to fit out. The majority of buyers so far have been owner
00:49 occupiers rather than investors for one particular reason. It's coming down to the size because on
00:55 average most of the apartments are about 15% bigger than what you can buy in the area and
00:59 they're just really hard to find. It's hard to find a unit that's a good size, that's comfortable,
01:02 that's you know easy to live in and they set them up. The apartments start at about $550,000
01:09 but something like this, a two bedroom on the top level overlooking the pool,
01:13 will set you back about a million dollars.
01:15 you
01:15 you
01:15 [BLANK_AUDIO]