Amid a recent lull in city-fringe opportunities, the Riverview Hotel in Tempe is being sold, in Sydney’s inner west.
Situated approximately 10 kilometres out of the CBD, a stone’s throw from the Cooks River, the Riverview is one of two pubs in the suburb of Tempe, along with Universal’s Tempe Hotel, currently under renovation.
It features a popular sports bar, bistro, function rooms and 14 pub-style accommodation rooms. There is no gaming, but the precinct is a green zone.
It also holds an approved DA for an additional 37 motel rooms on the site.
Tyche Private Equity purchased the hotel in 2016 with plans to redevelop the site into a full accommodation offering.
Previously known as Valve Bar it is trading as Dancers Cabaret and currently leased on a monthly tenancy, producing annual rental income of $132k and providing flexibility to an incoming purchaser.
The vendors have engaged HTL Property’s Blake Edwards and Sam Handy for the sale campaign, with asking price of circa $10 million, as they report an “acute shortage” of on-market hotel opportunities and expect a strong result.
“There exists the option to negotiate a new lease, take over management of the asset, or to activate the accommodation DA and reposition the asset completely,” notes Edwards.
The freehold of the Riverview Hotel is being sold via Expression of Interest, closing Thursday, 27 July.
