The Collector Hotel in Parramatta has come to market boasting lessee assets in the town of opportunity.
Parramatta is alive with development activity, hosting the lion’s share of building sites that have seen Sydney leading the record-breaking crane count across the country, rising 23 per cent in the last 12 months alone.
The Collector occupies space at street level in a building of Western Sydney University, in the Parramatta CBD, approximately mid-way between the train station and ferry service.
The leasehold business is unusual in that it retains ownership of the business’ 24-hour licence and 30 EGMs, worth in the region of $6 million at today’s prices.
Sydney’s western capital is undergoing massive changes in infrastructure and is slated to become a hub for a large proportion of the population increase expected in the greater west over the next decade.
The Collector’s current lease has two years remaining plus options, but also serves as portable groundwork for a new enterprise in one of Parramatta’s plethora of new projects.
It is being marketed by CBRE Hotels’ national director Daniel Dragicevich, in conjunction with Manenti Quinlan’s Gerry Quinlan, with the asking price expected to start around $6.5m.
“The Collector Hotel is a great leasehold opportunity that we expect to appeal to a variety of market segments,” Dragicevich told PubTIC.
“Given the rare ownership of the hotel licence and GMAs there are a variety of options available to the incoming purchaser, including looking for a freehold property to move to or just continuing to trade out of the Parramatta CBD address.”
The Parramatta LGA has seen recent amalgamation at the hands of the Council mergers, and reports $8bn in residential and commercial development in the area in the next five years.
Currently ranked #330 in L&G’s list of gaming venues, there is a top-50 venue nearby, and 17 of the 23 pubs in the precinct are ranked in the top 200.
The pub is for sale via Expressions of Interest, closing Thursday, 24 November.
