Whelan’s Strathfield Hotel sold after 104 years

Iris Capital recently purchased the Narwee Hotel, 10 kilometres south of Strathfield.

It is the end of an era in Sydney’s west, with the family that developed the Whelan’s Strathfield Hotel in 1918, selling up.

Sam Arnaout’s Iris Capital is the buyer, outlaying $80 million for the freehold going concern following a campaign launched in May.

V&A Broadbeach, on the Gold Coast, was permitted in May.

On 2067 square metres opposite Strathfield station, the asset contains a three storey building with two bars, a restaurant, gaming room with 30 electronic gambling machines and 25 guest suites.

Construction began shortly after the train line was established, connecting Sydney to Parramatta.

John Whelan is believed to have funded it with profits of a scotch shipment thought to have been lost at sea, purchased as a gamble.

Strathfield is about 12 kilometres west of the CBD.

Development upside

Licensed until 2am, the Strathfield Hotel, as it will now be known, derives annual income in excess of $10m.

The Whelan family offered it with plans for an eight storey building at the rear, which would contain 60 apartments and 14 hotel rooms (story continues below).

HTL Property’s Andrew Jolliffe and Dan Dragicevich were the agents.

The deal comes 18 months since Mr Arnaout outlaid $45m for the Narwee Hotel – opposite the Narwee station – about 10kms south of Strathfield.

Iris’ extensive portfolio also includes Manly’s Ivanhoe Hotel and a swag of motels, snared as part of a $180m portfolio, also in 2020.

Last October the businessman spent $105m for Alice Springs’ Lasseters complex.

A $100m refurbishment of that asset, with a casino, convention centre and 205-suite IHG managed hotel, is now underway.

In May, Iris was approved to construct its first Queensland project, with an end value of c$800m, on the Gold Coast.

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Marc Pallisco

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