Paddington’s Captain Cook Hotel opposite Allianz Stadium has come to market, as the operators look to new projects in development.
The Captain Cook has stood since 1882 at the intersection of Flinders St and Anzac Parade, where eastern suburbs arterial Moore Park Rd meets Foveaux St, opposite Moore Park and both Allianz and Sydney Football Stadiums.
The four-level Victorian-era pub occupies a 544sqm block and boasts a ground floor bar, bistro and beer garden, gaming room with 15 EGMS, and 22 accommodation rooms, with 100 beds. A licensed rooftop area is currently underutilised as a common space for the rooms.
Since 2012, owner Darren Wood has made a big investment into live music, most famously seeing American Indy giant Green Day play the Captain in 2014.
Looking to increase his focus on other upcoming hospitality projects, Wood determined the time was right to divest.
“We’ve got new projects going on and looking to raise some capital, but I feel there’s more growth in it, so it’s opportunistic for the next person,” Wood explained to PubTIC. “We thought it was a good time to test the market.”
Continuing a career in hospitality stretching 25 years, much of it in accommodation, Wood has positioned the pub to cater for the almost year-round high occupancy with tourists and backpackers.
The public bar and music area capitalise on the pub’s proximity to the Stadiums and the area’s predisposition for bands, craft beer and good food.
While a recent upgrade to gaming facilities has seen results, Wood believes this would be significantly improved again with better street access and the right operator.
“Our history has been more about entertainment, and we realise the next cycle will be about gaming practise, so it’s probably an opportunity for someone else.”
The leasehold interest of the Captain Cook has been listed through Ray White Hotels’ Blake Edwards and Xavier Plunkett, aiming to allow a new operator to take possession in time for the upcoming Ashes series and summer of events.
“Throughout the year there are usually several events at these stadiums every week, which really helps drive trade – from test match rugby and cricket, weekly AFL, rugby league and soccer to the Sydney Sevens and concerts,” notes Edwards.
The business has 19 years remaining on the lease, including options, with annual rent of $390k, increasing 4 per cent each year. It is currently seeing weekly revenue of $42k.
The Captain Cook is being sold via an Expressions of Interest campaign, closing Wednesday 18 October.
