The hotel, on the corner of George and Harris Sts, is on the market with owner the Solotel Group planning to lease back the hotel component of the future development.
A plan, submitted to Parramatta Council last year, shows the development facing Harris St, with the hotel and retail taking up the left side of the block and the residential/retail/commercial tower on the corner of Harris and George.
The proposal includes five levels of underground parking.
The property went on the market through Ray White Commercial NSW, Ray White Hotels Australia and local agents Khoury & Partners on February 19 and expressions of interest close on March 16.
Jeff Moxham from Ray White Commercial said there had been a lot of interest from local and overseas developers, especially from China.
While the plan submitted to council does not have to be followed by a new owner, Mr Moxham said buyers often did take up the vendor’s vision, attracted by the design and feasibility of the project.
Agent Anthony Khoury said the site was in a prime location and the new development would help ease the office shortage in Parramatta as well as continue as a hotel.
Solotel has owned the Albion for 30 years and wants to sell the site to free up capital to spend on other parts of the business.
The group owns a raft of top-notch venues, including the Opera Bar, Quay Bar, Clock Hotel Darlo Bar.
Boss Bruce Solomon said he was keen to sell the site, while retaining the hotel licence.
Site for sore heads
● First Albion built 1882.
● Rebuilt 1924.
● Last refurbished 1990s.
● Owned by Solotel 30 years.
● Site had cottages until early 1900s.
● Present pub a top entertainment venue.
● Closes at 3am, has attracted trouble.
