Inner west icon the Warren View Hotel is to be sold for the first time in nearly two decades as long-time owner-operators Theo and Tanya Damianakis look to an exit from the industry.
For the past 17 years the couple have run the prominent pub, set on 800sqm at the apex of Enmore and Stanmore roads. Its expansive trading footprint boasts one of the largest patron capacities in the Newtown and Enmore precincts.
The Damianakis’ have executed two major reconfigurations in the last five years, spending roughly $5 million on extensive renovations and refurbishment. Late 2023 they unveiled the stylish Teddy’s Bar.
The venue now enjoys two kitchens and a first floor bar, which marketing literature suggests are waiting to be repositioned with an ‘edgier’ food and beverage proposition.
It holds 12 gaming machine licences, providing a purchaser option to sell, or continue to lease them out for passive rental income.
Historically the pub has only traded until midnight, but it was recently approved for 2am extended trading Thursday to Saturday.
It currently generates around $3.6 million annually, although the wages and on-costs are considered high, absorbing nearly half of revenue.
After a career spanning nearly four decades and having secured the late trading, Theo says the business is well positioned for a new f&b offering and he’s “ready to hand the torch” at the Warren View to fresh eyes.
“We’re selling with a heavy heart, but feel as though the time is right for both Tanya and I to move onto the next stage of our lives,” he explains.
The Hotel has been sent to market with price guidance of $18 million, expected to benefit more from being under the umbrella of a large group than a single asset operator.
Comparable recent inner-fringe hotel transactions include sale of Public’s Rose, Shamrock & Thistle in Paddington, an investor picking up the Lansdowne Hotel, and the Bayfields selling the Light Brigade Hotel to the Laundys.
The Warren View is being marketing by HTL Property’s Sam Handy, Dan Dragicevich and Blake Edwards, in an Expressions of Interest campaign closing Thursday, 2 October.
“A recent 2am trading approval, circa $5 million renovation and refurbishment, large patron capacity, expansive trading footprint and an outgoing single-asset owner all within one of Sydney’s busiest entertainment precincts … is frankly magnetic to the investor landscape,” remarks Handy.
The Hotel’s site holds favourable planning approvals that support the option of future redevelopment, but it’s expected there will be great appeal in its limited capex requirements.
“Given prohibitive construction costs in today’s market, this aspect of any investment opportunity is something the market looks at very closely,” added Dragicevich.
