Paddington's Captain Cook Hotel leasehold listed
The leasehold interest of the Captain Cook Hotel in Paddington has been listed for sale.
The commanding four-storey hotel sits on 545 sqm near the Moore Park sports stadiums on the corner of Flinders Street and Moore Park Road.
The hotel comprises a main bar area, live music and band room and a bistro room that extends to a side courtyard.
There's also a pokies with 15 gaming devices.
The upper level accomodation rooms are subject to a proposed sublease to Clover Backpackers on an initial three year lease which substantially offsets the hotel rental.
It is being offered on an unexpired lease term of 17 years.
MQ & Associates agent Leonard Bongiovanni is marketing the leasehold on behalf of Jirsch Sutherland Insolvency Solutions.
It has been mooted that declining crowds following the nearby stadium demolition contributed toward the current trading situation.
“The Captain Cook Hotel offers entry into the tightly held Sydney Pub market," Bongiovanni said.
"The Hotel has the bones to trade as a magnificent venue with an astute operator poised to take advantage of the busy surroundings by tapping into both local, and busy event trade.
"The venue truly is in the box seat for a grand new beginning.”
The Sydney Cricket and Sports Ground Trust reported that close to two million fans visited the SCG and Allianz in the 2018 financial year.
There will likely be a higher influx of fans attending the Allianz when construction finishes on the modern 45,000 seater stadium.