Another in a procession of prime Paddington pubs has hit the market, just six months after the freehold sold for over $7 million.
A change in direction for Lance Burrowes and partners – operators LJB Hotels – has resulted in an opportunity in the highly prized district, with the long-term lease of the Grand National on offer amid potentially big plans for the building.
The street level hotel has recently seen a new fit-out, which included the obligatory commercial kitchen for a pub in the same precinct as the two-hatted Four in Hand, and gastro-legend, the Woollahra Hotel.
Plans with the new freehold owner include better utilisation of the second and third levels, with 23 boutique accommodation rooms slated for renovation in the near future.
This year has already seen top values for the freehold going concerns of Paddington pubs the Royal Hotel, also to PHMG, and the Light Brigade to the Bayfield family. Both sales were through Ray White.
Boasting a new and progressive landlord, Ray White’s Blake Edwards says the business on offer will suit the right operator well.
“The sale of the business represents a rare leasehold entry point into the sought after Paddington hotel market. With venues like the Four in Hand, Bellevue and Woollahra Hotels in the immediate area, there is clearly a market for the gastro pub.”
The Hotel is being offered via an Expressions of Interest campaign, closing 26 November, if not sold prior.