Publican Kim Maloney OAM has listed two freehold assets in Sydney’s CBD, behind and above his St James Hotel, with sources suggesting market expectations circa $60 million.
The long-time publican and son of industry legend Cyril Maloney bought the freehold properties in 2006.
The St James Hotel is a tenancy occupying the lower three levels of a seven-storey heritage building at 114 Castlereagh Street. It is back-to-back with 139 Elizabeth Street, a four-storey structure counting Levendi Jewellers as its major tenant.
The properties are beside luxury retail brand Van Cleef, reportedly paying $2 million in annual rent, and opposite a David Jones and a Westfields.
Maloney plans to retain the pub licence and permits, enlisting JLL’s James Aroney and Mitch Noonan to market the assets, to be sold in one line.
“The highest and best use there is as high-end retail, and not as a pub,” offers Maloney.
The two properties bring considerable opportunity for the right development at either or both sites, capitalising on the precinct enhancements of Castlereagh Street and increasing popularity of boutique inner-city residential.
