The unique Glasshouse Hotel in Maroubra Junction is on the market, presenting a rare opportunity in Sydney’s tightly held eastern suburbs.
The two-level Glasshouse is a rare dual-interest structure comprising a ground floor leasehold and 1,090sqm freehold strata title on the lower ground, on thoroughfare Anzac Parade. It is positioned directly opposite thriving neighbourhood retail complex Pacific Square Shopping Centre, anchored by Coles and ALDI alongside more than 60 specialty stores, drawing 5.5 million customers annually and providing consistent foot traffic to the area.
Maroubra counts over 32k residents and the broader Randwick LGA records population of around 145k people.
Considered a highly efficient venue, with “substantial operational flexibility” across the two levels, the Glasshouse reports weekly revenue exceeding $100k – up 23 per cent on the previous year – underpinned by a gaming operation turning over $1.3 million per week
There is 20 years remaining on a fresh ground floor lease, paying $180k per year in rent, above the underused strata-titled basement.
Sale of the venue includes its 3am late-trading licence and 24 gaming machine entitlements, touting “genuine opportunity” for enhancement, potentially through considered reconfiguration as a contemporary sports bar or new dining or entertainment concept.
It stands to benefit from the NSW Government’s Low- and Mid-Rise Housing policy, and the approved Westfield Eastgardens redevelopment, tipped to reshape one of Sydney’s key retail precincts.
A syndicate of owners led by Bob Tate have held the asset since 2000, and previously had a run at the market, in 2017.
The last hotel sale in Maroubra is said to have been over 15 years ago.
An on-market campaign is being driven by JLL Hotels’ Kate MacDonald and Ben McDonald in conjunction with Mike Wheatley of Mike Wheatley Hotels, who speak of its “operational efficiency and growth trajectory” and the scarcity of established eastern suburbs hospitality assets being divested.
“The cashflow profile is outstanding, the business momentum is clearly building, and with a substantial 1,090 square metre basement currently underutilised, there’s significant opportunity to diversify revenue streams and enhance overall performance through strategic repositioning,” says MacDonald.
The lease-strata freehold and operation of the Glasshouse Hotel is being sold via Expressions of Interest, closing Tuesday, 12 May.
