Sydney’s iconic Hotel Hollywood has been listed for sale by expert agency HTL Property, in what is anticipated to be one of Sydney’s most keenly contested pub sales this year.
The four storey hotel, prominently positioned on Foster Street in the uber-active Surry Hills, is situated within a truly world class dining precinct counting restaurants such Chin Chin, Nomad and Poly as just some of its current high profile neighbours. With the internationally acclaimed Ace Hotels Group shortly to open its first Australian accommodation property in close proximity.
The Hollywood, as it is affectionately referred, was owned and operated for 42 years by industry pioneer Doris Goddard; who was equally as famous for being one of only a handful of female Sydney publicans, as she was for her deeds on the silver screen.
A notable actress and cabaret singer, Goddard was also one of the most active and fierce protesters against Sydney’s lockout laws when introduced; however sadly passed away in July 2019, just nine months shy of the controversial CBD ‘lockouts’ being lifted.
HTL Property’s Andrew Jolliffe, Sam Handy and Blake Edwards have been exclusively appointed by the estate of Doris Goddard to handle the sale process; one which presents a multitude of both business and mixed-use development upside opportunities.
The business offers a veritable blank canvas for an incoming operator featuring a 3am liquor licence with 10 gaming machines attached (only five of which are currently on the gaming room floor).
In addition there exists a Manager’s residence on the first floor, which has previously traded with a bar and kitchen; as well as nine well appointed accommodation rooms on the second floor.
The sun drenched roof top is easily accessible via a central stair well, and it is widely considered that an incoming operator might seek to activate a roof top beer garden operation; with stunning views of the CBD and Surry Hills district available.
The property offers future redevelopment potential, subject to relevant planning guidelines; and is underpinned by its existing B4 Mixed-Use zoning, 18 metre height approval and FSR ratio of 3:1.
“The Hotel Hollywood is a very rare city fringe hotel exhibiting all the key fundamentals astute purchasers are seeking – late trading approvals and compelling upside levers within a dynamic precinct” advised HTL Property’s NSW Director Sam Handy.
“Underscored by strong history and the inherently iconic nature of this property, we consequently expect intense interest from a number of competing buyer profiles – including hoteliers, restaurateurs, investors and developers alike” Handy added.
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 Courthouse Hotel (Darlinghurst), Quarryman’s Hotel (Pyrmont) and The Bells Hotel (Woolloomooloo).
‘One of the great pleasures we enjoy in our professional roles at HTL, is being awarded sale process custodianship of iconic and long held assets such as the Hotel Hollywood” commented HTL Property Chairman, Andrew Jolliffe.
“There’s longevity and an unmistakable magnetism which exists and transcends asset classes with some commercial property examples; and in this circumstance, the Hotel Hollywood enjoys this mantle and will be addressed by this most active of marketplaces accordingly” Jolliffe concluded.
The Hotel Hollywood is being exclusively sold by HTL Property via an Expression of Interest campaign concluding at 4:00pm on Thursday 20 May 2021.
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