The five-level Forbes Hotel on York Street has come to market looking to be the next entertainment and dining hot-spot in the heart of Sydney’s CBD.
It was until late 2014 under lease to Iris Group, before Waugh Hotels took on the renewed lease operation. The Waughs worked to secure a DA for the building, incorporating a prized rooftop bar, but have chosen to pass-on the asset before development.
The Hotel was built in the 1870s in bustling downtown York Street, on the corner of King. The original two-level plus basement Victorian building was extended in-style to four, while skyscrapers replaced the timber structures once surrounding it.
It features a street-level bar, restaurant, gaming room with 11 EGMs and function space, in one of the busiest foot-traffic areas of Sydney, within blocks of institutions such as ivy, Bavarian Bier Café and Baxter’s Inn. While within the lockout zone, it does hold a 24-hour licence.
The freehold owner is Rocco Lagudi, but the leasehold operation has the potential to be a destination venue at the hands of the right development.
The Forbes is being marketed by Ray White associate Blake Edwards and Asia-Pacific director Andrew Jolliffe, who stress the “patent opportunity” for an experienced food and beverage operator.
“The value proposition of this opportunity is to capitalise on the current DA, and create a flagship CBD entertainment destination that could rival some of the larger, more established venues in the city,” Edwards told PubTIC.
“The location has very high pedestrian traffic and access to daytime, night-time and weekend economies, which cater to workers, shoppers and tourists alike.”
The 25-year lease for the Forbes expires September, 2039, and is being sold via Private Treaty.
