Paddington hotel sold to operator
The Captain Cook Hotel freehold, in Paddington, has sold for $10.5 million to a syndicate linked to the tenant which moved in last January.
At 162 Flinders Street, the 544 square metre site includes a four level c1914 building with a bar, 18 accommodation suites, two bedroom manager’s residence and 15 electronic gambling machines.
A former operation was placed into voluntary administration in early 2019.
The next occupier amended the pub name to The Captain Paddington.
The vendor, Matthew Lepouris Pty Ltd, holds several inner Sydney properties including in neighbouring Surrey Hills, 2-12 Foveaux St, 91 Campbell St, 104 and 114 Commonwealth St and 21 and 84 Mary St.
Captain Cook Hotel
The Captain Cook Hotel is walking distance to the former Allianz Stadium which will next year reopen as Sydney Football Stadium (story continues below).
“Despite the unfortunate current hotel ownership challenges in Sydney, the transaction momentum is expected to continue across the asset class as this time owners have the benefit of first-hand experience of what the post-COVID closure trade bounce looks like,” JLL marketing agent John Musca said.
“The compelling investment metrics, limited asset supply and core investment drivers will be exemplified once we enter the inevitable post COVID operating trajectory,” he added.
Earlier this month, Sotheby’s Australia founder Robert Bleakley listed a mixed-use asset part occupied as the Verona Cinema at 17 Oxford St in the suburb.
In April, George Kazzi’s Well Fed Hospitality is understood to have acquired the Unicorn Hotel at nearby 106 Oxford St, in an $11m deal.
Last November, John Azar’s The Good Beer Co sold Paddington’s Four in Hand for $8.25m after two years and a renovation.
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