Ending speculation on its future, the deal has been finalised on sale of The Old Fitz in Woolloomooloo to developers W Property.
Standing proudly on a corner of Dowling Street in Sydney’s waterside precinct, the Old Fitzroy Hotel boasts a 237sqm site and three-level trading footprint, plus potential for a rooftop beer garden (STCA).
It is also home to the legendary Old Fitz Theatre, run by Andrew Henry’s Red Line Productions, which has enjoyed a live theatre cult following since it began in 1997.
After a leasehold tenancy came unstuck during the pandemic shutdown, owners Garry and Olga Pasfield furthered plans to exit and put the freehold and business interest to market in October, sparking local consternation that the Hotel and theatre might close and the property be redeveloped.
The sale campaign reportedly drew “extensive interest” from the gamut of buyer types, including hoteliers, investors and developers.
To the Old girl’s rescue came W Property, founded by Michael and Prue Williams, which specialises in the adaptive reuse of old and heritage buildings.
Significantly, Prue is also the founder of a film production company and has close links to the Old Fitzroy Theatre, being a member of its advisory committee.
W Property has secured the freehold and intends on leasing the tenancy to an established operator, as well as
formalising a long-term lease in the theatre with Red Line Productions.
“This acquisition is a real marriage of our two strongest passions – old heritage buildings and the arts,” says Michael Williams.
“We’re really excited about working with a new operator for the pub, and also with Andrew Henry in order to inject some new life into the pub and theatre at the same time as preserving its obvious character and local appeal.”
The Pasfields engaged HTL Property’s Sam Handy and Blake Edwards to market the asset. Despite its strong underlying redevelopment fundamentals and interest to a variety of suitors, Handy believed the property would and should remain a pub.
“In my view some hotels are simply just too important to the local fabric of the community to make wholesale changes to, and I think this is true in the case of the Old Fitzroy Hotel.”
After tending the icon for a generation, the outgoing offer mixed emotions.
“We leave the Old Fitzroy with a heavy heart as it has been our home for the last 20 years,” says Garry Pasfield.
“Olga and I have a lot of very special memories attached to this place, but are nonetheless excited to pass the torch onto Michael and Prue, who we know will be more than worthy custodians.”
