The legendary good-time Lansdowne Hotel in Chippendale has been listed for sale, rocking multiple levels of opportunity.
Long known as an institution of live music and pub rock, after 82 years hosting thousands of bands, the big hotel on City Road closed in late 2015 – another victim to the downturn brought about by Sydney’s infamous lockout laws.
Late 2017 it reopened with a revised business model, managed by the team behind Newtown’s Mary’s Burgers.
Occupying a 506sqm block opposite Victoria Park and Sydney University, the four-level hotel boasts GFA of 1,900sqm, a 5am liquor licence with rare first floor extended trading approval, and capacity for 480 patrons at any given time.
Its expansive trading footprint includes extensive outdoor areas and an approved rooftop beer garden, and which lays claim to being one of the largest in the Sydney CBD.
Close to Chinatown and surrounded by strong hotel operations such as Solotel’s Marlborough, the Laundy’s Off Broadway Hotel, and Bill Young’s Bar Broadway, the Lansdowne is at the gateway to Sydney’s burgeoning southern CBD, amongst some of the city’s largest mixed-use urban renewal redevelopments.
Multi-billion-dollar major works nearby include Frasers $2bn Central Park development, and the government-backed technology hub dubbed Tech Central beside Central Station; the 24-ha precinct will bring 250k sqm of commercial space and an additional 25k workers, and is slated to be of comparable scale to the Barangaroo waterfront.
Marketing literature notes significant opportunity in repositioning the Hotel with a new food and beverage proposition that better resonates with the surrounding demographic and growing immediate catchment, which includes people from the adjacent Broadway Shopping Centre, RPA Hospital and UTS.
There is also the option to create a gaming room, the location zoned Amber, and further capitalise on the strong demand for budget accommodation in the immediate catchment. The site is zoned B4 Mixed-Use, offering flexible development upside and further intensification (STCA). There are already plans to convert the first floor into additional accommodation rooms, bringing the total bed inventory to 108, catering to the $40bn international student industry.
The pub is currently trading across all levels, under management.
It’s expected to attract interest north of $25 million and likely best suited to an operator with the ability to trade at scale, as well as property investors or developers seeking a foothold in the expanding precinct.
Vendors on the sale are a private syndicate that has engaged HTL Property’s Andrew Jolliffe, Sam Handy and Blake Edwards, in conjunction with IB Property’s Steffan Ippolito & James Campbell.
“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,” suggests Handy.
“It’s anticipated it will appeal to larger groups capable of activating a more compelling food and beverage repositioning.”
The freehold going concern of the Lansdowne Hotel is being sold via Expressions of Interest, closing Wednesday, 16 August.
