The stoic Olympic Hotel in Sydney’s Paddington has been sold to former Newcastle publican Wayne Lambert, with plans for glory.
Dominating the corner of Regent Street and bustling Moore Park Road, the three-storey Georgian pub occupies a 533sqm lot, offering a public bar, commercial kitchen and large dining room with its own bar, and gaming with 15 EGMs, not in a smoking solution. The upstairs accommodation rooms will remain under the management of landlord CK reality.
The pub stands to benefit from rejuvenation in the local area, notably the $828 million redevelopment of the Sydney Football Stadium and recently opened $2.9 billion light rail network.
Lambert cites plans for the somewhat tired Hotel, specifically enhancing both the gaming and menu options, and significantly improving the external appeal of the building.
“I’m excited to return this heritage pub back to its former beauty,” he says. “The Hotel will provide a warm and friendly atmosphere for locals and visitors.”
The transaction for vendor CK Realty was managed by JLL Hotels’ Kate MacDonald, joining the Foresters of Surry Hills and the Native Rose of Rozelle to mark the third Sydney leasehold sale for the team in as many months.
“Operators are still thirsty for trading opportunities, especially in Sydney-fringe and suburban locations,” says MacDonald.
“The Olympic has certainly seen some challenges over the years with the changing landscape of Paddington, but the near-term prospects look significantly brighter and everyone will be thrilled to see this iconic Sydney pub come back to life.”
