The team behind Goodtime Hospitality have listed their historic Darlinghurst pub, the East Village Hotel.
The former Tradesman’s Arms was built 1918 on Palmer Street, between major thoroughfares William and Oxford Streets. In the 20s it was renowned for patronage by Kings Cross’ infamous razor gangs.
Goodtime Hospitality, fronted by James Bodel and Locky Paech, bought the pub early 2016 and executed a thorough $1.6 million remodel and repositioning in tune with its bohemian background and modern surrounds.
The three-storey East Village encompasses three distinct levels of trading including a popular rooftop bar, with CBD and skyline views and a cornucopia of ferns, flowers and other greenery. The ground floor offers a sleek wine bar, below a plush and cosy athletic club on the first floor.
Annual revenue now exceeds $3.6 million, tapping the local demographics and students throughout its catchment, counting the CBD, Kings Cross, Woolloomooloo and Surry Hills, and the asset would now see valuation north of $7 million.
Goodtime incorporates six individual shareholders, with varying investment strategies and timelines, and it was determined to put the established business to market.
“The East Village presents exceptional value for an incoming purchaser to immediately plug into what is already an established brand and concept and an award-winning business,” suggests HTL Property’s Sam Handy, marketing the asset with colleagues Blake Edwards and Dan Dragicevich.
“We expect the hotel will attract interest from some of the large food & beverage-focused pub groups, restaurateurs and some small bar operators with the capacity to trade up into a freehold.”
The freehold going concern of Darlinghurst’s East Village Hotel is being sold through an Expressions of Interest campaign closing Thursday, 5 March.
