Receivers have listed high-profile pub development play the Crown Hotel in Parramatta, offering a suite of opportunities for the right player.
Crown Hotel, at 295 Church Street, is on a large 1,075sqm site with 35 metres of frontage on Parramatta’s bustling ‘eat street’, rear access and parking on Freemasons Arms Lane.
The establishment was formerly known as One World Bar, and holds 24-hour full hotel licence and 30 gaming machines (25 entitlements and five permits). It is currently operated under a month-to-month lease.
The Hotel comes to market now on Behalf of PwC, appointed receivers and managers to Coronation Property, which bought both the pub and the heritage-listed 263-265 Church Street in 2017 for $50 million from Sam Arnaout’s Iris Capital.
PwC is offering the chance to “Own, Occupy or Develop” the property, which benefits from its location close to a new light rail stop, in a prominent development pocket, with passive income via a restaurant tenancy and short-term hotel tenancy.
The site holds attractive planning overlays, including bonus Floor Space Ratio (FSR) allocations available for design excellence (STCA) that could see high-rise residential. It presents as opportunity for a hotelier or developer, to buy and trade while a DA is under submission.
A sale campaign is being conducted by MQ & Associates’ Peter Manenti, Leonard Bongiovanni and Tom Cullen, who suggest it is “a rare opportunity to acquire one of the last remaining consolidated high rise residential development opportunities within the Parramatta Riverbank Precinct”.
The sale is for the freehold and lessor’s Interest, and includes land and improvements, plus liquor licence and gaming entitlements and permits. The vendor will reportedly also consider separating the sale of the land and improvements from the hotel licence and gaming components.
An Expressions of Interest campaign closes on the assets Thursday, 5 September.
