Australia’s Iconic Hotel Steyne on Manly Beach Hits the Market
The legendary Hotel Steyne, prominently perched opposite world famous Manly Beach, has been announced for sale after the consortium of high profile business owners look to exit their one off investment together.
Purchased in 2010, the partnership involving well known investors Mark Carnegie and Robert Whyte, along with hotelier Arthur Laundy and businessman John Singleton, have decided to bring to a close their joint venture partnership in what many consider to be the nation’s best hotel.
The truly large format hospitality property, spanning 3 levels over a 1948 sqm corner footprint, is revered in the same elevated terms as Sydney’s Watson’s Bay Hotel, Perth’s Cottesloe Beach Hotel, the Beach Hotel in Byron Bay, Hotel Bondi, Coogee’s eponymous Coogee Bay Hotel and the outstanding Coogee Pavilion; which, along with the Newport Arms, is owned and operated by Merivale’s Justin Hemmes.
Agent’s for the high-profile sale, HTL Property, cite the rarity of the combination of irreplaceable scale, prominence, profitability and history as key drivers for the magnetism astute investors have for AAAA Grade properties such as Hotel Steyne.
“We’ve been very fortunate to be engaged to sell a number of the nation’s signature hospitality offerings, but The Hotel Steyne is arguably the most prolific and certainly well-known beachside hotel, with generations of locals and tourists frequenting this noteworthy institution” advised HTL Property Asia Pacific MD Andrew Jolliffe.
Originally built in 1859, and then remodelled by Tooth & Co in 1936, The Hotel Steyne is recognised as Manly’s true local; and enjoys a reputation for connectivity with all aspects of Manly’s parochial community.
The Hotel Steyne’s beachside location is unparalleled in the area, and its proximity to Manly’s Sydney CBD connected ferry terminal which is only 400m away, makes it easily accessed by the greater Sydney region.
Having sold Bondi’s Icebergs, and more recently Woolloomooloo’s harbourside Bells Hotel, HTL Property executives know how the market reacts to super prime property indexed to robust cash flow businesses.
“When we sold the Beach Hotel in Byron Bay, the volume of interstate and international enquiry was remarkable; and it is our firm expectation that this asset will generate the same widespread response” commented HTL Property National Pub Director, Dan Dragicevich.
The multi-level and multi-faceted business boasts 6 bars, two restaurants, a designated gaming room with 30 valuable poker machines and an entire accommodation level. In addition, the rooftop bar, Henry’s, can accommodate up to 250 people with incredible views overlooking Manly’s golden sands.
“The opportunities for upside business levers within the hotel are patently clear, including the augmentation and repositioning of the accommodation offering; however, underwriting this total investment thesis is the ability to own almost 2000sqm of beachside freehold land on one of the world’s most picturesque and well known beaches. The fact that this extraordinary opportunity exists on the very beach TripAdvisor has just announced as the number one beach in Australia ahead of the Whitsunday’s hugely popular Whitehaven Beach, makes it all the more strategic and compelling an investment proposition” concluded Jolliffe.
The Hotel Steyne will be sold via an International Expression of Interest sale campaign concluding in March, 2019.
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