Waterloo landmark the Grosvenor Hotel has come to market, continuing the steady procession of Sydney city fringe sales.
Located on the corner of Phillip and Morehead streets, just two blocks from home of the Rabbitohs, Redfern Oval, the Grosvenor sports a bar with single service point operation, bistro, gaming room, and eight accommodation rooms, on a 304sqm lot.
Operated under management in recent years for overseas investors, it stands to benefit from refurbishment and repositioning.
The pub holds a midnight liquor licence, with ‘early opener’ trading flexibility, allowing a start time of 8am.
Its gaming operation counts 12 machines, with only four in a smoking solution. It is currently ranked #759 on the Liquor & Gaming list of NSW pubs (Mar-21), making it one of the strongest performers in Sydney on a per-machine basis, but it was ranked #620 as recently as December 2019. Being in a Green Zone SA2, there is scope to further increase machine numbers.
The Grosvenor is proximate to the $22 billion Waterloo Estate, and adjacent to the Three Sisters social housing site and the proposed Waterloo South masterplan, set to bring another 3,000 dwellings.
Recent months have seen a spate of sales on the fringe of the Sydney CBD, such as The Strand in May, the New Hampton and Hollywood Hotel in June, and O’Malleys Kings Cross, London in Balmain, and nearby Woolpack Hotel in Redfern, all in July.
In 2010 the Paddy Coughlan-led Riversdale group sold the Grosvenor to former CCA executive Denis Hickey and businessman Warwick Negus. In early 2017 the pair sold it to unnamed investors, for $5.3 million.
The Grosvenor is now understood to be looking for a price circa $8.5 million.
HTL Property’s Blake Edwards transacted the sale in 2017 and HTL has been appointed by the investors for what is a compelling entry-level metropolitan gaming pub, anticipating intense interest on an undercooked asset.
“It is well positioned for growth, by way of amplifying the existing gaming and wagering offering and capitalising upon the significant surrounding urban renewal projects within the immediate catchment,” suggests HTL’s Sam Handy, also marketing the asset.
The freehold going concern of the Grosvenor Hotel Waterloo is being sold via Private treaty.
