Feros brothers buy another inner city pub

The Paddington venue holds a 3am liquor licence.

Dean and John Feros have bought another historic inner city pub to occupy.

The upper level of the Unicorn Hotel earns $127,000 per annum as offices.

The freehold going concern of Paddington’s Unicorn Hotel, also known as the ‘Fringe Bar’, is setting the brother’s JDA Hotels back a speculated $10 million.

The property was re-stapled: the freehold was sold by George Kazzi who held it just over three years, while the leasehold, by the group behind Mary’s Burgers, which also offered vacant possession.

Over a floor, with a bistro, bar and beer garden, it holds a 3am licence.

The upper storey is configured with contemporary offices and returns $127,000 per annum.

On 468 square metres at 106 Oxford Street, on the north west corner of Hopewell, zoned B4 Mixed Use, the Unicorn Hotel’s airspace was marketed for its development upside.

JLL’s Ben McDonald and Kate MacDonald with IB Property’s Steffan Ippolito marketed it vacant.

An expressions of interest campaign closed in late March (story continues below).

The Feros brothers bought the Mountbatten Hotel in 2021.

JDA boosts portfolio

The Paddington deal comes three year since JDA paid Surfside Hotels $7.5m for Haymarket’s historic Mountbatten Hotel, like the Unicorn with a 3am licence, but with 25 electronic gambling machines.

Also in 2021, the group outlaid c$30m for the half-stake it didn’t control in Sydenham’s General Gordon Hotel at Sydenham, eight kilometres south of the CBD.

Elsewhere in Sydney, its book contains Charlie Chans, again in Haymarket, and the Padstow Park Hotel, 24 km south west of town.

Mr Kazzi meanwhile retains local venues including the Forrester Hotel at Surry Hills and Chippendale’s Lord Gladstone.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.