A rare and brand-new lease and entitlements in the Sydney CBD are being sold, in the multi-level Mr B’s.
Situated at the prime intersection of Pitt and Goulburn Streets, akin to Universal’s Civic Hotel and Maloney Group’s Maloney’s Hotel, for the past 17 years Mr B’s has been trading in what was previously the location of the well-known Mandarin Club.
The three-level hotel is spread across ground floor, mezzanine and basement, with gross building area of 821sqm and total capacity for 950 people. It resides on the lower floors of a seven-storey building, beneath a restaurant, and commercial and accommodation tenancies.
The site holds a 24-hour liquor licence and 30 gaming entitlements (GMEs). The gaming operation historically ranks around #250, although it has averaged #409 over the past 12 months. Considered to have the core attributes of a Top 200-ranked operation, it would benefit from a reconfiguration of the gaming room (STCA).
Across bar, bistro, gaming and wagering departments it reports annual revenue of circa $9.4 million.
It is encircled by commercial towers, retail shopping, accommodation and public transport, strong gaming rooms such as V Bar, Charlie Chan’s, Cheers, Albion Place Bar, Scruffy Murphys and the Civic Hotel, and adjacent to premier Sydney residential, retail, dining and entertainment precinct World Square.
Also close to China Town, Tech Central and Surry Hills, its location within ‘Thai Town’ prompted it to be geared to capitalise on a strong Thai following, with a focus on a Thai-inspired restaurant, cocktails and nightclub.
The space now hasn’t been renovated in over a decade and shows compelling upside, ripe to be refurbished and repositioned.
Included in the sale is option to purchase the hotel liquor licence and 30 gaming entitlements.
In 2021 Reserve Hotel Group sold the building for $70 million to a private investor, who has operated the Mr B’s hotel business under a management agreement for the past five years.
Open to granting a new 30-year lease to a qualified operator, HTL Property’s Sam Handy, Dan Dragicevich and Blake Edwards have been appointed to run an Expressions of Interest campaign, closing Thursday, 18 June.
Agents expect interest from the gaming hotelier market, particularly those drawn to operations in the southern CBD, Haymarket and China Town.
“Mr B’s Hotel operates within one of the most dynamic precincts within the entire country, and is surrounded by some of Sydney’s largest commercial buildings, highest performing retail offerings and densely populated residential towers,” notes Handy.
