One of the most intriguing hotel sales of recent times has concluded, with Pyrmont’s long-vacant Terminus Hotel selling for around $5 million.
The heritage-listed Federation style building sits quietly on the corner of Harris and John Streets in Pyrmont, and was built in the early 1900s. It was originally named The Cooper’s Arms Inn, but took its later moniker of the Terminus Hotel in 1911 in reference to the tram terminus on nearby Jones Street.
It was owned for a period in the 1960s by Darcy Hassat – a good friend to Arthur Laundy, who told PubTIC he ran the old pub for a short time while whilst he was attending university.
The Terminus was purchased as a going concern in 1984 by the mysterious Isaac and Susan Wakil, and closed for business. It has remained untouched since then, save a relentless onslaught of ivy climbing its distinctive red brick façade and parapet detailing.
Around a year ago the Wakils sold it to developers Auswin TWT. The company plans to develop the Hotel’s 2,300 square metre carpark into luxury terraces, and listed the venue itself for sale in March as it was superfluous to their needs.
After an intensive marketing campaign calling for Expressions of Interest, it has been sold to an undisclosed party for close to $5 million.
Agents managing the campaign were Ray White Hotels director Andrew Jolliffe, and Steven Tsang and James Aroney of JLL Sales and Investments NSW.
Jolliffe told PubTIC he has rarely seen a hotel attract so much interest, with dozens of curious parties requesting inspections of the museum-like building.
“Not surprisingly, given the wholly compelling opportunity to acquire a piece of real estate so steeped in both history and opportunity, the level of interest was significant,” said Jolliffe.
“And the casual interest shown by the residents of Pyrmont suggests to me that with the right application, the property will enjoy patriotic support and thus a prosperous rebirthing.”
The purchaser reportedly identified with the building’s character, and is considering a range of opportunities including reviving the pub, which still holds a viable licence. The new owner beat out “virtually every key operator” as well as hungry investors from the Asia-Pacific region.
One of the procession of interested parties, Arthur Laundy says it holds “unlimited potential” but the timing wasn’t right for him.
“It could be the best pub in Pyrmont,” says Laundy – who currently owns Quarryman’s Hotel, just a couple of blocks away.
“It’s got a terrific beer garden arrangement, with sandstone walls around and a mossy leaf thing going on. It lends itself to being a beautiful little pub.
“I have a few big things on at moment … had times been a little different I would certainly have been interested.”
As well as possessing a dormant licence, the Terminus is zoned B4 Mixed Use, allowing opportunity for multiple bars, dining and accommodation options.
The two-storey building houses 12 rooms and facilities on the upper level and GFA of 543 square metres on a 493m² lot.
Auswin TWT is also awaiting approval for another development on Harris Street that will see 210 new apartments and retail and commercial space on street level. The company reports it is pleased with the outcome and the purchase “by a sympathetic” party.
“Its busy location should guarantee strong patronage as it is surrounded by residential and commercial development, and gains high pedestrian passing trade and commuter exposure,” said Auswin TWT general manager, Stephen Fitzpatrick.
