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Tentative plans in redeveloping the Commercial Hotel include building a three-storey unit complex at the rear of the site.
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That will be in addition to the refurbishment of the hotel and retail centre of the existing building.
Those are the plans provided to the Tribune by developer Michael Rastegorac, managing director at Macro Property Group in Sydney, who bought the Commercial Hotel in November 2017.
Mr Rastegorac said the complex would comprise of two-bedroom units, which he described as upmarket, that will be marketed for sale.
“We’re restoring the hotel first. It’s been mostly cleaning up and restoring parts of the building during Christmas and the new year,” he said.
“We’ll have more details about the unit complex once we work with the council,” he said.
No development application has been submitted to Yass Valley Council yet, but the developer said he was currently working with architects in drafting the plans.
“We’re still working with architects, between January and February before we can submit a concrete plan.
The general plan includes three storefronts in the retail centre, which Mr Rastegorac said there is already one prospective lessee.
“One of the stores along main street has expressed interests. In February, we’ll be putting up leasing signs for leasing opportunities,” Mr Rastegorac said.
“It’s a long-term project with a lot of money being invested into it.”
Mr Rastegorac said plans were likely to be submitted to the council by April or May 2018.
“We’re looking at Easter time to get plans submitted and, hopefully, approved,” he said.
Sales Consultant Graham Bush at Independent Property, who listed the property, said the Christmas and new year break meant progress was on hold.
“We’ll wait for more information once it goes through council,” Mr Bush said.
Mr Rastegorac said he planned on visiting Yass more frequently soon to speak with key stakeholders, including the council, and to oversee the cleanup process.
“Once we submit the plans to the council, we’ll provide more information and a statement,” he said.
Asked about the selling price, Mr Rastegorac declined to disclose it.
Other hotels sold
The sale of the Commercial Hotel came around the same time the Clubhouse, Australian and Royal hotels were sold.
Mark and Rachael Weaver, who own the The Criterion Hotel in Crookwell, bought the Clubhouse Hotel in November 2017.
So far, the external has been repainted, with current work including resurfacing the inside.
“We’ve been resurfacing while trading. We’re also keen on making it more family friendly,” Ms Weaver said.
