Partners Aaron Crinis, Justin Tynan and Arthur Laundy have listed their Woolpack Hotel in Redfern, as they each find themselves short of time to spend.
Located on Chalmers Street, at the eastern end of Redfern’s main retail and commercial area, the Woolpack was acquired around two years ago by up-and-coming operators Aaron Crinis and Justin Tynan, backed by old hand Arthur Laundy.
The three storey hotel hosts a public bar, bistro, gaming with 13 machines (amber zone), and accommodation rooms on both the first and second floors, reporting revenues across all departments.
It’s suggested there is scope to convert the rooms into trading areas, and potentially activate a rooftop bar (STCA).
Crinis owns and operates prominent North Sydney restaurant Glorietta, and has recently opened a second, Glory Days, in the refurbished Bondi Pavilion, where he also manages a catering agreement with the Pavilion for its functions and events.
In 2021 Tynan stepped into a position as COO for Laundy Hotels, overseeing day-to-day operations in the family’s sizeable and ever-growing portfolio, which recently included the addition of Sydney Collective’s share of Watsons Bay Hotel, Northies and the Park House in Mona Vale.
It’s understood Tynan is also exploring another partnership opportunity in a larger hotel in the existing Laundy portfolio, and he says the past 18 months have been “an absolute whirlwind”.
The trio have executed significant capital works on the Woolpack, but while they say it has responded well to the refurbishment, all cite a need to focus on their respective other interests as rationale behind the sale.
“We’re selling the Woolpack Hotel with a very heavy heart, but my role has grown exponentially in terms of scope and now spans across more than thirty large format hotels with several greenfield sites in the pipeline,” says Tynan.
“I just can’t continue to give the Woolpack the necessary time and focus it deserves.”
The pub is prominently on the edge of two of Sydney’s largest urban renewal projects, being the Waterloo Estate and the Central to Eveleigh Urban Corridor, and proximate to around 7k new dwellings earmarked for an area experiencing strong demand for purpose-built student accommodation.
Price expectations on the pub are circa $13 million, following comparable city-fringe recent sales, such as the Ancient Briton in Glebe and Village Inn in Paddington in January, Tudor Hall of Redfern last November, and Glebe’s Nags Head last July.
“The Redfern/Waterloo catchment is set to undergo an exciting transformation over the next 10-20 years, and we expect plenty of hoteliers will be motivated by the idea of securing a trading platform within the precinct,” offered HTL Property’s Sam Handy, marketing the pub with colleague Dan Dragicevich.
The Woolpack Hotel is being sold via Expressions of Interest, closing Thursday, 11 May.
