The ink still drying at Woolloongabba, the Mathieson family has emerged as the buyer of Sydney’s famous and somewhat controversial Captain Cook Hotel, aka The Captain Paddington, from short-term pilots.
The Captain occupies a 544sqm corner of Flinders Street and Moore Park Road, near the new football stadium, Sydney Cricket Ground and Entertainment Quarter. A Hotel was first built at the site in 1882, replaced in 1914 with the current striking, four-storey structure in the Federation Anglo-Dutch style, and featuring a large statue of navigator and astronomer Captain James Cook atop the roof.
Inside consists of single service ground floor bar, compact functional kitchen and dining spaces, gaming room with 15 machines, 22 accommodation rooms plus a penthouse, and a bottleshop. There is also a rooftop area adjoining an extensive bar, offering 360-degree views of Sydney.
Last week BLM Group secured the deeds in what sources say was an early settlement, for a little north of $13 million. BLM notes as directors Bruce Mathieson Jr and Ross Blair-Holt, CEO of Mathieson Group.
BLM is the private vehicle being steered by the Mathieson family on assets outside a 15 per cent ownership share of ASX-listed hospitality juggernaut Endeavour Group (ASX:EDG), with its 350-odd pubs under operator arm ALH Group.
Mathieson interests outside EDG already amount to extensive holdings in hotels – most recently coming to include another purchase in Brisbane’s new Olympic headquarters, beside The Gabba, in the Woolloongabba Hotel.
Vendors at the Captain were investment syndicate FHT Nominees, headed by accountant Peter Scott and well-known publican Robert Moroney in operations. The group picked up the under-cooked pub freehold mid-2021 from long-term landlords the Lepouris family for around $10.5 million.
Citing plans to move into investment opportunities better suited to their skillset, FHT listed the property in May of this year.
“As a syndicate we are looking at other potential assets that we think might be more suited to where we want to go as a group,” explained Ben Horne, one of the three owners.
Sale of the Captain was navigated by Savills’ Nick Butler and Tony Bargwanna, who declined to confirm the price paid.
The sale is another Sydney CBD fringe transaction, which have punctuated the record $2.2 billion in hotel sales this calendar year.
