In the end of an old era, Woolloomooloo hotelier Gary Pasfield has listed the lot at his city-fringe stalwart, the Old Fitzroy Hotel.
Overseeing the corner of Dowling and Cathedral Streets on a commanding 237sqm site in Sydney’s bustling waterside precinct, the Old Fitzroy Hotel boasts a three-level trading footprint with scope to activate a rooftop beer garden (STCA).
The old pub has led or followed and enjoyed many of the trappings of its gentrified locale, perhaps best seen in the cult following of productions in the Old Fitz Theatre, which opened in 1997.
A new century brought new owner Gary Pasfield, who lived and breathed the Old Fitz for nearly two decades before passing the business interest to re-expanding city pub specialist Jaime Wirth in early 2019.
Trading figures pre-pandemic report around $50k weekly revenue, but the shutdown took a heavy toll on Wirth’s businesses and the tenancy was vacated.
Buoyed by recent hotel transactions, Pasfield determined to take a different tack with the asset, which he says could be cut up in “a myriad of ways”.
It is being offered to market as a freehold going concern, currently not trading, or a brand new lease with flexible terms. The 12 gaming machines can be part of the deal, or not. All offers and structures are being considered.
“We’ve received numerous unsolicited approaches on the business and property over the last six months and thought it would be best to put a structured sale process in place as a result,” explained Pasfield.
Noting the outcome of the recent sale of the Duke of Enmore, also previously operated by Wirth, he engaged HTL Property’s Sam Handy and Blake Edwards to market the sale options. Addressing an unsolicited campaign e-brochure in distribution, Pasfield stressed his preference.
“We’ve disappointingly cited marketing collateral from another pub brokerage purporting to be selling the hotel and just want to be absolutely clear that HTL Property are the exclusive agents on this sales process,”
The majority of NSW pubs have resumed trade since the pandemic, yet potential vendors remain gun-shy and freehold stock continues to become even more scarce. Remarking on the response to the Duke campaign, Handy says quality leaseholds are being increasingly targeted by operators and investors.
“There is a huge thirst for premium free leaseholds from a range of quality operators across the gamut of market segments, be they hoteliers, bar operators or restaurateurs.”
The Old Fitzroy Hotel is for sale via Expressions of Interest, closing Thursday, 22 October.
