Parramatta’s high-profile Crown Hotel and property have hit the market as receivers take control of the company that bought them from Iris for $50 million.
PwC has been appointed as receivers and managers, and today the listing was announced of the Crown Hotel Parramatta, at 295 Church Street Parramatta, and a vacant three-level building at 263-265 Church Street.
Formerly known as One World Bar, the Crown sale includes its 1,075sqm lot, improvements, liquor licences, and gaming permits and licences. It is currently operated under a six-month lease due to go month-to-month, generating annual net income of $924k.
It boasts 35 metres of frontage on Parramatta’s bustling ‘eat street’, close to a new light rail stop, and rear access and parking on Freemasons Arms Lane.
The gaming operation, incorporating 25 EGM entitlements and five permits, holds a three-year average position of #424 and high ranking of #321, in 2017.
Beyond being a pub, the Crown site has major underlying development opportunity for high rise residential, holding 210-metre height limit, and 10:1 FSR – with further bonus possible for design excellence.
Also on offer is the heritage-listed 263-265 Church Street, Parramatta. This too is a high-profile, premium site, which was previously approved as a hotel. The empty three-level structure is at the new light rail stop, and the 514 sqm site is bisected by Freemasons Arms Laneway, with rear access. Alone it is similarly a rare opportunity for a buyer looking to invest, occupy or redevelop.
Both properties were sold to Coronation Property in 2017 for $50 million. Sam Arnaout’s Iris had acquired the Crown mid-2014 from Rod Salmon, and 263 Church in 2016 for around $8 million.
Arnaout described the pair at the time as “a phenomenal asset”.
The opportunity remains for a hotelier, or developer, to buy, and trade while a DA is under submission.
As a receiver sale, the assets will likely be sold for the best price achieved beyond breakup value.
PwC has engaged Manenti Quinlan & Associates’ Peter Manenti and Leonard Bongiovanni, along with Knight Frank commercial, to market the assets being liquidated.
Agents would not provide a price guide, but asked about the rare nature of the opportunity noted that they are “excited” to bring the assets to market.
The Crown Hotel and 263 Church Street are being sold separately or in one line, both via Expressions of Interest campaign closing Thursday, 2 March.
