Sydney CBD trophy pub The Republic is the latest hotel icon to come to market, with expectations it will fetch in excess of $50 million.
A landmark of Pitt Street, the Republic began as a single storey structure back in 1865. Occupying a site area of 228sqm, it has grown with the city to four levels and NLA (Net Lettable Area) of 753sqm.
At street level is the chic Republic Bar. On Level One is the famed gastro offering Republic Dining, and the top level ‘roofless’ space is known as Taylor’s Rooftop Bar, featuring an all-weather retractable cover.
The Hotel boasts a rare 5am trading licence and holds 28 gaming machines, the business generating total weekly revenue in excess of $120k.
Fronting two of the city’s busiest thoroughfares, it is surrounded by premium grade office buildings, 5-star hotels and retail offerings, and agents anticipate interest from commercial investors and developers as well as hospitality operators.
The Ryan family bought the site in 1998 as a commercial building, converting it to a pub in 2002. In 2017 they sold the freehold to One Funds Management, which added another 10 gaming machines. Patrick Ryan stayed on to operate it until 2018.
It is being marketed through JLL Hotels’ Ben McDonald in conjunction with Savills’ Nick Lower – who likens it to Mayfair on the Monopoly board.
“The Republic Hotel is an institution in the Sydney pub landscape – a consistent performer and one of the great meeting places for all manner of social groups – such is its prominent position in Sydney’s CBD dress-circle,” says Lower.
The freehold going concern of The Republic is being offered for sale by way of International Expressions of Interest, closing Thursday, 22 September.
