The premium leasehold interest in the New Hampton Hotel in Kings Cross is being marketed for sale through a public campaign.
Located at the western end of Bayswater Road, a stone’s throw from the famous Coke sign, the New Hampton resides under the stately Hampton apartments.
The business counts diversified revenue streams, through bar, function, food and gaming activity, averaging weekly revenue of over $80,000 in the past year (excluding the COVID shutdown period).
Included in the lease is use of 18 gaming entitlements, and while the precinct is still under 1.30am lockout restrictions it has 3am closing Monday to Saturday.
Its proximity to nearby Top-200 and Top-300-ranked hotels and location within a Band 1 (Green) SA2 area suggests a distinct opportunity to bolster the business by acquiring more PMEs.
Following recent successful leasehold sales of the Duke of Enmore and Sly Fox, vendors Kieran and Michael Coleman have engaged HTL Property’s Blake Edwards and Dan Dragicevich, who pose the New Hampton may be one of the most “cost-efficient entry points” into Sydney’s metropolitan gaming market.
“It appears to us a strategy an incoming purchaser might deploy would be to buy or lease more gaming entitlements in order to scale the gaming operation and capitalize on the area’s strong gaming fundamentals,” says Edwards.
The New Hampton Hotel lease is being sold via an on-market Expressions of Interest campaign, closing Thursday, 19 November.
