Agincourt Hotel sells after 25 years
A consortium including ex-publican Terry Reichel has sold Haymarket’s Agincourt Hotel after almost exactly 25 years.
The c1898 three level venue at 871 George Street, on the north east corner of Harris, is collecting $30 million from a new hospitality group.
With a gaming room containing 30 electronic gambling machines, a 24 hour liquor licence, it generates annual revenue of c$5.2m.
On a 266 square metre block zoned B8 Metropolitan Centre – able to accommodate a c15 level residential building – the freehold previously traded for $6.5m on 18 May, 2000.
The deal comes three years since ex-Wallaby Bill Young outlaid $36m for the freehold going concern of Chippendale’s Bar Broadway, previously known as The Sutherland – diagonally adjacent to the Agincourt.
JLL’s John Musca and Ben McDonald with Knight Frank’s Mike Wheatley brokered that deal.
HTL Property’s Dan Dragicevich and Andrew Jolliffe negotiated the Agincourt sale.
“The prominent…venue is strategically positioned across the road from the burgeoning $3 billion Tech Central and Central Place precincts – forecast to provide 268,000 sqm of commercial space and house an additional 16,000 commercial employees once completed,” they said.
“The hotel [is also] proximate to other growth and demand drivers such as the Central Park mixed-use development, the University of Technology campus, Broadway Shopping Centre, Paddy’s Markets & the Darling Square precinct,” according to the executives.
Three weeks ago, we reported the Feros family’s JDA paid $35m for the nearby Crystal Palace.
HTL brokered that deal too.
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