PADDINGTON’S CAPTAIN COOK SEEKS FRESH CANVAS

In On the Market by Clyde Mooney

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Jirsch Sutherland Insolvency Solutions has announced sale of the leasehold interest in Sydney’s historic Captain Cook Hotel, beside the stadiums in Paddington.

The stately four-storey Captain Cook, built 1914, stands at the intersection of Flinders Street and Moore Park Road, adjacent to Allianz Stadium and the Sydney Cricket Ground.

The location enjoys constant vehicular and pedestrian traffic, on the arterial path to Sydney’s south-east and proximate to UNSW Art and Design Faculty and Oxford Street, and on the route of the annual world-famous Gay & Lesbian Mardi Gras.

The SCG and Allianz Stadium see around two million visitors each year across nearly 100 events, covering AFL, rugby league, rugby union, cricket, soccer, concerts and special events.

Allianz Stadium is currently being rebuilt, the Sydney Cricket and Sports Ground Trust slating completion in 2022 of the new 45,000-seat world-class venue.

The area is expected to be a hive of activity during the reconstruction, with an influx of trades.

Captain Cook occupies a sizeable 543sqm lot, offering a main public bar, popular live music room, bistro, and gaming room with 15 EGMs – 12 in smoking solution.

Upstairs are 22 accommodation rooms, with 100 beds, tenanted since late 2018 through an informal agreement with Clover Backpackers, producing substantial offset to the hotel’s rental.

Band area

The previous operator bought into other business interests in 2017, drawing time and energy, and the CC’s trade suffered the loss of focus.

Jirsch Sutherland Insolvency has appointed MQ & Associates to market the leasehold interest, with 17 years remaining, and no price guidance offered.  

“The Hotel has the bones to trade as a magnificent venue with an astute operator poised to take advantage of the busy surroundings by tapping into both local, and busy event trade,” suggests MQ’s Leonard Bongiovanni.

“The venue truly is in the box seat for a grand new beginning.”

The Captain Cook Hotel lease is being sold via Expressions of Interest, closing Thursday 1 August.