The freshly re-stapled freehold going concern of the Lord Gladstone Hotel in Sydney’s Chippendale has been put to market by the owner and operator.
Residing on a 288 sqm site on arterial drag Regent St, the pub known as ‘the Gladdy’ is a past winner of Time Out’s Good Times Award.
It features a colourful public bar and bistro, and gaming room with five machines. There is approved extended trading authorisation until 3am Monday to Saturday, and for capacity of 419-pax.
Upstairs, known as ‘Goodspace’, has been configured as an art gallery and function facility, and was also recently granted midnight trading approval.
Sales literature reports weekly revenue of more than $42K (+GST).
The freehold was purchased from Paddy Coughlan’s Bourke St in 2019 for $5.2 million by a private investor, who similarly and more recently sold the Unicorn Hotel in Paddington to JDA Hotels for $13 million.
Operator and freehold owner have now combined their respective components, for a more compelling investment opportunity – located close to the completed Central Park mixed-use precinct and in-progress Central Precinct, to be known as ‘Tech Central’.
The site itself is zoned B4 mixed-use, with 2:1 FSR ratio, and holds favourable planning approvals that could supporting further redevelopment (STCA).
Sources suggest the freehold going concern will fetch north of $8 million.
The sale campaign is being managed by HTL Property’s Blake Edwards and Sam Handy, who note it is “well positioned 450 metres from Sydney’s emerging ‘Silicon Valley’”.
