Oxford Street landmark The Colombian Hotel has come to market for the first time, as the McHughs exit the pub game.
The three-level former Westpac Bank building on the corner of Oxford and Crown Streets in Darlinghurst is both an institution of the gay scene and consistent Top-200 gaming venue.
The Oxford Street strip has seen something of a resurgence in very recent times, with its disposition as the road to the eastern suburbs bringing about inevitable reinvention as Sydney’s nightlife and retail preferences continue to evolve.
Front-running operators have revived or repositioned other icons on the strip, such as Merivale’s opening of The Paddington, the Bayfields’ refurbishment of the Light Brigade, and Solotel’s under-construction re-vamp of its Paddington Inn.
The late-trading Colombian now joins the party, and while still enjoying a devoted good-time crowd for regular attractions such as the Saturday night’s ‘Caged’ it offers opportunity for reinvention as the fog over Sydney’s nightlife shows some signs of lifting.
Operated for over a decade by the McHugh family, it comes to market through Ray White Hotels and Manenti Quinlan, with interest in the sharp four-week campaign expected to come from home and abroad as well-priced debt and the shortage of A-grade assets continue.
“Our client has relocated internationally, and has entrusted us to manage the sale of his remaining hospitality asset,” said Asia-Pacific director Andrew Jolliffe.
“We know this market intimately, and given our current success in the area, we are confident of a highly competitive sales process.”
Darlinghurst is one of the country’s most densely populated suburbs, and home to a vibrant community of residents enjoying high disposable income. Manenti-Quinlan note the precinct’s slated development and the hotel’s own versatility.
“It is a unique property that attracts strong patronage across a range of operating time frames,” says Quinlan. “We have seen a resurgence in commercial property values in Oxford St … however what is clear to astute investors is that the various infrastructure investment strategies being deployed at both State and Federal level will have a significant impact on the value of commercial property in the Oxford St precinct.”
The Colombian is being marketed via an Expressions of Interest campaign, beginning 28 July, 2016.