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The Lansdowne Hotel Chippendale for sale by HTL Property’s Andrew Jolliffe, Sam Handy and Blake Edwards in conjunction with IB Property’s Steffan Ippolito & James Campbell.
The Lansdowne Hotel in Chippendale has been listed for sale by leading pub brokerage firm HTL Property and commercial agency IB Property.
HTL Property’s Andrew Jolliffe, Sam Handy and Blake Edwards have been appointed to steer the sale process in conjunction with IB Property’s Steffan Ippolito & James Campbell.
Situated at the gateway to Sydney’s burgeoning southern CBD and Chinatown, the Lansdowne Hotel is surrounded by some of the city’s largest mixed-use urban renewal redevelopments – including Frasers $2 billion Central Park precinct, as well as numerous demand drivers illustrated by the adjacent Broadway Shopping Centre, RPA Hospital and UTS.
The hotel is situated close to the proposed innovation precinct, dubbed Tech Central, which is a government-backed technology hub located next to Central Station (and above its rail yards); which is set to drastically expand the southern end of Sydney’s CBD. The 24-hectare precinct, covering land between Goulburn and Cleveland Streets, will soon feature 250,000 sqm of A-grade commercial space – and will be home to an additional 25,000 jobs.
“Tech Central has been greenlighted and will transform not only the largely unloved Central Station precinct of Sydney, but also the wider southern CBD precinct”, suggested HTL Property’s Blake Edwards.
“It represents a $3 billion investment in the southern CBD and will be of similar scale to that of the recent renewal and activation of the Barangaroo waterfront” Edwards added.
Unparalleled in terms of the stateliness of the impressive building structure, the opportunity is ripe for repositioning with a new food and beverage proposition; the creation of a gaming room, and further capitalising upon the existing strong demand for budget accommodation within the immediate catchment.
The four-level hotel features an expansive trading footprint with extensive outdoor areas including a recently approved rooftop beer garden, and which lays claim to being one of the largest within the Sydney’s CBD. Further reinforcing the ability for an incoming operator to trade at scale is the fact that the hotel features a 5:00am liquor licence, complemented by a rare first floor extended trading approval. The venue also enjoys an approved capacity of 480 patrons at any one time.
“Whilst institutionally popular as a live entertainment venue, the unmistakable scale of The Lansdowne Hotel lends itself favourably to the further and regular activation of multiple other levels” said HTL Property’s Sam Handy
“In terms of its location, trading footprint and patron capacity, the business presents as a compelling opportunity to activate a food and beverage proposition that better resonates with the surrounding demographic” Handy added.
The Lansdowne Hotel is uniquely positioned to service the needs of the growing immediate commercial, retail, residential and student catchments. In addition, there are plans available to convert the first floor into additional accommodation rooms; bringing the total bed inventory to 108 and completely underwritten by the $40 billion international student industry, and the insatiable demand for short stay hotel rooms in this emerging commercial, retail and tourist locale.
The hotel enjoys favourable planning approvals, which support further intensification of the site (STCA). Accordingly, it will undoubtedly appeal to both property investors and developers seeking a foothold in the southern end of the Sydney CBD.
“The size of the site in combination with the floorplates of the building and the planning approvals, mean that the Lansdowne Hotel presents with some very obvious alternative-use options”, suggested IB Property’s Steffan Ippolito.
“We expect that it will attract interest from astute investors interested in repurposing the building for commercial, retail and accommodation purposes” Ippolito concluded.
The hotel is expected to attract interest upwards of $25 million, with Expressions of Interest scheduled to close at 4:00pm on Wednesday, 16 August 2023.
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