The historic Forbes Hotel on Sydney’s York Street is poised to go under the hammer, as a rare CBD blank canvas.
Set on the corner of York and King Streets – one of city’s busiest pedestrian and traffic intersections – the five-level heritage-listed venue is Sydney’s third oldest pub and a rare example of Edwardian-era red brick architecture in the capital.
Residing on 145sqm, the freehold corner site has 930sqm of gross tradeable area. It holds 11 gaming machine entitlements and a hotelier’s licence approved to open 24-hours.
It is at the gateway to Sydney’s luxury retail precinct, amongst flagship stores such as Chanel, Hermès, Louis Vuitton and Cartier, and is set to benefit from the increased activity courtesy of the $25 billion Sydney Metro and Merivale’s Kings Green precinct.
The site is zoned SP5 Metropolitan Centre, which allows for a variety of uses and could see the famous pub evolved into a multi-level hospitality offering, or repurposed into retail or boutique office space.
Forbes was operated by Iris under lease until late 2014, when a renewed tenancy was taken on by Waugh Hotels. The Waugh group looked to sell the business late 2016, before finally departing in 2019.
The building, counting four levels plus a basement, has since undergone a major restoration. This has brought structural upgrades, installation of a new glass roof and flooring, and modern additions including a lift, for a rare combination of historic charm and modern amenity.
A sale process through JLL’s Willem Watson, Harry Borger and Kate MacDonald, in conjunction with Cabmon Property’s Peter Seeto, is expected to appeal to a broad buyer pool.
“It’s not every day you find a beautifully restored 1901 building with both the character of Sydney’s past and the convenience of a modern fit-out,” says Seeto.
The freehold title is held by the Lagudi family, who have listed it with vacant possession, representing “enormous potential” for an incoming operator or investor.
Scheduled on the docket at Cooley Auction Centre (1 Margaret Street, Sydney) on Thursday, 26 June, sources suggest the asset will likely fetch $mid-20s.
“This is a chance to own a corner allotment in the liveliest part of the Sydney CBD,” posed Watson.
