The former Hugo’s Pizza Bar and Lounge in Potts Points has sold separately for $1.685 million and $2.65 million respectively to local investors, through Robert Lowe of Savills Metropolitan & Regional Sales – New South Wales.

Both lots were sold via public auction on Tuesday 1 December on behalf of Properties King Cross Pty Ltd, receivers and managers appointed.

Located at 33 Bayswater Road, the two lots comprised of the former Hugo’s Pizza Bar and the former Hugo’s Lounge, and both were sold with vacant possession.

The Pizza Bar, which sold for $1.685 million, was situated on the ground floor and consisted of four strata lots, comprising a total of approximately 159 square metres.

The Hugo’s Lounge night club, which sold for $2.65 million, was situated on the first floor area and consisted of four strata lots, comprising a total of approximately 732 square metres, plus two car spaces.

There was very strong and spirited bidding on each property, resulting in both properties exceeding their reserve prices.

“This was an outstanding opportunity for potential owner occupiers, investors, or developers to either reuse the space as a restaurant, night club, or other retail or commercial uses. Additionally there is the option to potentially reconfigure the first floor area into commercial or residential use, subject to Council Approval,” said Mr Lowe.

“Potts Point has changed considerably over the years with older style buildings being converted into upmarket residential apartments, and the perfect positioning of this property would make it an ideal redevelopment project.”

Located approximately 3 kilometres east of Sydney’s CBD, the property is located on the southern side of Bayswater Road, in the heart of the Potts Point entertainment precinct.