The rare and unique Unicorn Hotel in Paddington has hit the market as a freehold going concern for the first time in over 15 years, representing a marked opportunity in Sydney’s tightly held eastern suburbs.
Set on Oxford Street, close to the high fashion retailers of Glenmore Road and a procession of redevelopment projects, the Unicorn, known as ‘Fringe Bar’, professes itself to be “a proud boiling billy” of Aussie wine, beer, music, art and food.
It is known locally for its popular Monday comedy nights, and patronised by a socialite crowd from the affluent precinct.
George Kazzi bought the freehold in the first half of 2021. He also holds the title to Forrester’s Hotel in Surry Hills, and the Lord Gladstone in Chippendale.
In recent years the pub has been operated by the Mary’s Burgers team, which formerly ran the show at renowned live music pub The Lansdowne, in Camperdown.
Kazzi and Mary’s have come together to offer the pub as a going concern, as it’s reported investors are placing greater weight on fundamentals including underlying property values.
The inherent lack of available opportunities in Sydney’s east is said to be a motivator for the listing, and the hotel is well placed to capitalise on activity and hype around Paddington, which is seeing a flurry of development activity.
The combined asset is being marketed by JLL Hotels’ Ben McDonald and Kate MacDonald, in conjunction with IB Property’s Steffan Ippolito.
Agents did not provide price expectation, but anticipate the market will “respond accordingly” to the offer, being sold through an Expressions of Interest campaign closing Tuesday, 26 March.
“The Unicorn is certainly one of those pubs that evokes an emotive response from those that know it … available at a time when the market has a greater focus on food and beverage operations with unique branding opportunities, and in a precinct that is currently undergoing significant transformation,” offers McDonald.
