The prominent Agincourt Hotel in Sydney’s southern CBD has been sold for the first time in a quarter century, welcoming a new investment group into the Victorian landmark.
Built around 1898, the pub resides on a corner of George Street, strategically close to the $3 billion Tech Central and Central Place precincts, expected to bring 16K workers, and multiple ongoing projects and attractions, such as the Central Park mixed-use development, UTS campus, Broadway Shopping Centre, Darling Square precinct and the historic Paddy’s Markets.
Licensed over four floors, approved to host 540 patrons, it has a strong reputation for late-night entertainment, offering nightclub Club 871 on the first floor and live entertainment space The Alley in the basement. It holds a 24-hour liquor licence, and 30 gaming machines.
It also lays claim to having been Australia’s first carbon-neutral, “greenhouse friendly” pub, since the start of 2007.
The business reports annual revenues of around $5.2 million across bar, food and gaming departments.
For the past 25 years it has been owned and operated by a consortium partnership that includes Samuel Reichel as licensee, and Terry Reichel, former publican of the Courthouse Hotel in Darlinghurst.
The Hotel has now sold to a new investor group believed to have strong ties to the industry, for circa $29 million.
It’s expected that the new owners will apply a fresh look and execute a major reconfiguration and refurbishment. The site is favourably zoned B8 Metropolitan Centre, allowing a 45-metre height limit and 7.5:1 FSR.
Sale was through a restricted off-market process negotiated by HTL Property’s Dan Dragicevich and Andrew Jolliffe, who speak of buyers greatly outnumbering sellers in 2025.
This marks the company’s third Sydney freehold going concern sale in the past month, following that of the Union Hotel in North Sydney to Ashton Waugh, and the nearby Crystal Palace Hotel in Haymarket to John Feros’ JDA Hotels.
The confluence of market influences prompts agents to suggest investors will continue to seek “hard-yielding property assets” and push higher valuations, in an environment of infrastructure development and easier finance.
“There has been a noticeable surge in buyer enquiry in the last six months, spurred on by now consecutive and further forecasted interest rate cuts, a majority government election result and a tightening in the availability of quality stock,” says Dragicevich.
“We therefore expect cap rates to continue to compress throughout the year.”
