Pelathon Management Group has listed Penrith’s Tattersalls Hotel, offering major upside potential in the western Sydney hub as local Government stimulus plans take root.
Located 50 kilometres inland of the Sydney CBD, Penrith is a cornerstone of the greater west, and the gateway to the Blue Mountains.
Close to the station and Westfields, the Tattersalls enjoys an enviable position in the Penrith CBD. It holds a 3am licence and rare ‘early opener’ flexibility.
Currently ranked 432 on the L&G list of gaming venues, with 15 EGMs, in the past half-year it has seen average weekly gaming turnover up 24 per cent to $449k, at 8.6 per cent net profit.
Significantly, the Hotel is adjacent to Council car parks soon to be upgraded from 974 spaces to around 2,000, and central to its plans to incentivise growth in the precinct.
Penrith Council holds 48 hectares of land in the CBD, and has expressed intention to leverage this alongside plans understood to include increased FSRs (Floor Space Ratios) and building heights up to 132 metres. The area has seen little in the way of residential and commercial development in the past decade, and currently counts an 8-storey structure as the tallest in the area.
CBRE Hotels director Sam Handy is marketing the leasehold asset, and says savvy operators have often realised opportunities and rapidly built value into entry-level operations like the Tattersalls, such as with Dan O’Hara’s reinvention of the Central Hotel in Blacktown.
“The growth story of the Penrith CBD and the fact that there are only two pubs within the precinct, means that the possibilities are endless for the Tattersalls Hotel,” offered Handy.
Agents suggest the Council plans for the area put Penrith in line to evolve into the kind of growth hub seen in comparable western Sydney suburbs such as Parramatta, Blacktown and Liverpool.
