Kings Cross landmark O’Malley’s Hotel has sold to the expanding Wayne Group, representing their entry to the super-hot Sydney market.
O’Malley’s came up for sale in March, on behalf of KPMG as Receivers & Managers, amid rumours of a partnership dispute between the freehold owners.
Located on a 967sqm site just metres from Kings Cross’ famous Coke sign, the four-storey William Street property holds a 24-hour liquor licence, 15 gaming machines and 15 well-appointed accommodation rooms.
It also holds future redevelopment potential, with favourable 15-metre height limit, zoning and FSR.
The sale pitched a blank canvas for an incoming operator, beyond both business and mixed-use development upside potential.
Father and son team Peter and Robert Wayne have signed on for the asset, from Jakbn Property Group, which held it for around 16 years.
The Waynes already own the Royal Hotel in Springwood, in the Blue Mountains, and O’Malley’s is their first in metropolitan Sydney.
The on-market campaign is reported to have yielded 38 formal inspections and nine offers to purchase. Wayne Group is understood to have paid in line with market guidance, mid-$10 million.
HTL Property managed the transaction.
