Paddington's Captain Cook Hotel leasehold listed

Paddington's Captain Cook Hotel leasehold listed
Joel RobinsonJuly 15, 2019

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.

 

 

 

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

Editor's Picks

Capri prepares to welcome residents to resort-style villa community on Isle of Capri
Buyers take advantage of WA stamp duty concessions as Incontro Subiaco apartments near 50% sold
Gold Coast buyers starting to think longer-term: Five minutes with SRQ Projects Director Nick Clydsdale
A "passion project" not to be repeated: Inside DJ Fisher's Pescado Palm Beach with Jayde Pezet
Why Danby Lane in Nundah is more than just a project for Gardner Vaughan Group: Five minutes with Sam Gardner