The Exchange Hotel on one of Balmain’s landmark corners is up for sale, with room for mixed-use development and a place in local hearts.
Built in 1885, the Exchange sits on a generous 640 m² block on the prominent thoroughfare of Beattie Street, and is known as the suburb’s largest pub and “favourite meeting place”.
The multi-level hotel holds mixed-use zoning and a total of 1076 m² NLA (net lettable area), and the opportunity for mixed-use conversion. The large layout provides for multiple revenue streams.
It is being marketed by Colliers International’s Miron Solomons and Vince Kernahan, who note the rarity of “undercapitalised value-add opportunities” in A-grade precincts such as Balmain, just a few kilometres out of the Sydney CBD.
“Freeholds in Sydney’s tightly inner west and peninsular suburbs are in huge demand from creative companies looking to strategically positioning themselves outside the CBD,” said Solomon. “And the Government’s compulsory acquisition of assets in the CBD has compounded pressure on demand and supply.”
The vendor is well-known hospitality identity Peter Beaumont, who in late 2014 divested the Mona Vale Hotel and Northies to industry icon Arthur Laundy.
Speaking to PubTIC, Beaumont declined to comment on the sale, which is expected to attract owner-occupiers, value-add specialists and hungry investors.
The sale will be conducted via an Expressions of Interest campaign, closing 11 August, 2016.
Check out the Exchange Hotel’s 360-degree virtual venue tour.