Sydney's Verandah hotel in Martin Place listed for sale

Sydney's Verandah hotel in Martin Place listed for sale
Sydney's Verandah hotel in Martin Place listed for sale

Sydney's Verandah hotel in Martin Place has been listed for sale by current owner Dean Haritos through Ray White Hotels.

The hotel, with 1000sqm of licensed footprint is at 60 Castlereagh St and fronts both Castlereagh and Elizabeth Sts.

It currently has a long term lease to Dexus Property Group for 29 years and an annual revenue of $7 million.

Andrew Jolliffe, director, Ray White Asia Pacific said the catchment area, commencing with the 20 floors directly above the hotel and the MLC Tower director opposite, is simply huge.

"With the Federal Court system and newly repurposed Macquarie Bank world headquarters both in very close proximity, the sheer weight of in-situ potential clientele is truly unique,” he said.

“Not to mention the 200 trains per hour forecast to arrive virtually on the hotel’s front door once the State Government funded Metro Station works are completed. With a strong labouring workforce to occupy the vicinity between now and then.

"The redevelopment of Martin Place Metro station is a phenomenal injection of infrastructure investment in the CBD precinct, bringing some 10,000 commuters to the Verandah doorstep every hour in peak periods; and really speaks to the future-proofed nature of revenue for businesses like Verandah

"Added to which, the ownership of the hotel and 20 very valuable poker machine licences, underwrites the asset value, and provides for a substantive commercial advantage for share of hospitality dollar in one of the most densely populated corporate and retail precincts in Australia.

"Popularity, quality, and the sheer size of the licensed area at Verandah facilitates regular food and beverage revenue at levels not regularly replicated within the industry.

"Added to which is the fact the hotel was last year ranked in the State's Top 200 gaming hotels, illustrative of a prosperous revenue mix."

The EOI for the Verandah Hotel finished Thursday 16 March 2017. 

Tags: 
Commercial Listing Verandah Hotel

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