Fringe Sydney CBD Hotel Listed by HTL Property

The Woolpack Hotel in Redfern has been listed for sale with price expectations of around $13 million.

The hotel was acquired approximately two years ago by up and coming industry operators Aaron Crinis and Justin Tynan.

Industry doyen Arthur Laundy backed the duo into the acquisition and whilst the business has responded well to their recent $400,000 renovation and refurbishment, the partnership cite a need to better effectively manage their time and focus on their respective other hospitality interests as the rationale behind the sale.

Crinis, who owns and operates prominent North Sydney restaurant Glorietta, has very recently opened up a second restaurant (Glory Days) in the refurbished Bondi Pavilion. He also manages a catering agreement in concert with the Bondi Pavilion for all of its functions and events.

Tynan operates as the COO for Laundy Hotels, overseeing the day to day operations of the family’s sizeable portfolio; and which recently included the addition of the Watsons Bay Hotel, Northies and the Park House in Mona Vale.

‘It has been an absolute whirlwind 18 months in my newly created COO role with Laundy Hotels” advised Tynan.

‘We’re selling the Woolpack Hotel with a very heavy heart, but my role has grown exponentially in terms of scope and now spans across more than thirty large format hotels with several greenfield sites in the pipeline. I just can’t continue to give the Woolpack the necessary time and focus it deserves” Tynan added.

It is understood that Tynan is exploring a partnership opportunity with a larger format hotel within the existing Laundy portfolio.

Leading national pub brokerage agency HTL Property has been exclusively appointed to sell the hotel, with agents Sam Handy and Dan Dragicevich selected to steer the sale process.

The three storey hotel, prominently positioned on bustling Chalmers Street, is situated at the Eastern end of Redfern’s main retail and commercial precinct.

The hotel also sits on the edge of two of Sydney’s largest urban renewal projects, being the Waterloo Estate and the Central to Eveleigh Urban Corridor.

The business offers an incoming operator well-rounded existing revenues across bar, bistro, gaming and accommodation; featuring a liquor licence and 13 very valuable gaming licenses within an amber zone.

In addition, there exist accommodation rooms on both the first and second floors, with scope to convert these into trading areas; in addition to the potential activation of a rooftop bar (STCA).

According to HTL Property Director Sam Handy, there are approximately 7,000 new dwellings earmarked for the Redfern/Waterloo area (either under construction, DA stage or early planning; as well as strong demand for purpose-built student accommodation with approximately 2,000 beds earmarked for the area.

“The Redfern/Waterloo catchment is set to undergo an exciting transformation over the next 10 – 20 years, and we expect plenty of hoteliers will be motivated by the idea of securing a trading platform within the precinct” commented Handy.

In terms of market appetite, HTL Property is responsible for a raft of CBD fringe hotel sales over the last 24 months – most notably the Ancient Briton Hotel (Glebe), Village Inn (Paddington), Tudor Hall Hotel (Redfern), Nags Head Hotel (Glebe) and the Royal Albert Hotel (Surry Hills).

The Woolpack Hotel is being exclusively sold through leading agency HTL Property, via an Expression of Interest campaign concluding Thursday 11 May 2023 (if not sold prior).

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