The Woolpack Hotel in Redfern has been listed for sale, in what is anticipated to be one of Sydney’s most keenly contested campaigns.
The Freehold Going Concern hotel is being sold by private interests who have owned and operated the stately property under full management since 2009.
HTL Property’s Andrew Jolliffe, Dan Dragicevich & Sam Handy have been exclusively appointed following the boutique firm’s recently announced sale of the Hotel Hollywood (Surry Hills) and the New Hampton Hotel (Potts Point).
The three storey hotel, prominently positioned on 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 midnight liquor licence and 13 gaming machines.
In addition, there are accommodation rooms on the first and second floors with scope to convert these into trading areas plus the potential activation of a rooftop bar (STCA).
According to HTL Property National Director, Dan Dragicevich, 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; with a view to enjoying the downstream capitalization that will exist given the government and private sector investment being undertaken” suggested Dragicevich
In terms of market appetite, HTL Property advise of a slew of recent CBD fringe hotel sales over the last 24 months, most notably the Hotel Hollywood (Surry Hills), New Hampton Hotel (Potts Point), Courthouse Hotel (Darlinghurst), and the Old Fitzroy Hotel (Woolloomooloo).
“An internalized domestic tourism market has, in turn, facilitated a localized investment focus from parties wishing to participate in an asset class enjoying a magnetic set of investment fundamentals” advised HTL Property Managing Director, Andrew Jolliffe.
“The results of which have been prosperous for all stakeholders, and regarding which gives us confidence this wonderful Redfern hotel institution will be actively pursued” Jolliffe concluded.
The Woolpack Hotel is being exclusively sold through leading agency HTL Property, via an Expression of Interest campaign closing on Thursday 8th July 2021 at 5.00pm (if not sold prior)
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