Bruce Mathieson has sold the intrepid Captain Cook Hotel for around half what he paid two years ago, recycling the gaming credentials as the prominent Paddington pub goes into drydock.
The four-storey Federation-style Captain Cook was built in 1914, overseeing the intersection of Flinders Street and Moore Park Road. It has long been a stop for sports enthusiasts on the journey to the former Allianz Stadium and Sydney Cricket Ground, and had gained a name for live music.
A new lease was acquired by Robby Moroney in early 2020 – right before the start of the pandemic – and just over a year later the freehold was sold to the tenants for $10.5 million.
During his tenure, the historic pub was somewhat controversially renamed The Captain Paddington.
At the end of 2022 Mathieson’s Merrimac Operations bought the freehold going concern for just over $13 million. The pub baron opted to return it to its original moniker.
Merrimac’s portfolio includes the Redbrick and Woolloongabba hotels, at Woolloongabba, as well as its eponymous Merrimac Tavern. This collection is separate to the family’s 15 per cent stake in the listed Endeavour Group, with Australia’s largest publican, ALH Group.
The Mathieson family listed the Captain earlier this year, without its EGMs.
It has now reportedly sold for $6.6 million through Bresic Whitney to an unnamed buyer.
Ranked 1107 on the Liquor & Gaming list of NSW gaming venues, the 15 gaming entitlements were going to see a better return outside of upmarket Paddington.
It’s believed the new owners will close the pub and focus on a business based in the 22 backpacker-style rooms on the upper levels.
