James Wynne’s Shogroup has sold its stratagem at the historic Dunkirk Hotel in Pyrmont after a major renovation and multiplying revenues.
Located on Harris Street between The Star and the Sydney Fish Markets development, the heritage-listed pub was built in 1879 as the Butcher’s Arms Hotel. In the 1940s it was renamed to commemorate The Battle of Dunkirk.
Shogroup purchased the hotel late 2020 and promptly began its first renovation in more than 17 years. Over the course of two years the old war horse enjoyed a striking upgrade to its façade, work to the main bar and a new TAB, the garden bar, a new VIP Lounge at the front, and the launch of 12 new boutique hotel accommodation rooms.
Pyrmont is undergoing significant development projects, seen in the newly approved Metro Station and planned revitalisation of the Fish Markets, and is reaping the growth prospects of a destination precinct.
The Dunkirk’s overhaul reportedly resulted in a 400 per cent uplift in revenue, and it still holds an approved DA for a rooftop beer garden with retractable roof, which Wynne believes will be a further ‘game-changer’.
Shogroup has now sold the long-term leasehold interest to “a private investor” believed to be Ken McCourt, who owns hotel interests in Sydney’s CBD, such as the Concourse Bar, as well as across regional NSW, with the Hotel Henry Rous in Ballina and Imperial Hotel in Singleton.
“The hotel has undergone many changes, and we are thrilled with the remarkable turnaround in only 2.5 years of trading,” offers Wynne.
“We want to thank our passionate and loyal team, our regulars, and of course we wish the purchaser all the best in taking this outstanding pub to the next level.”
The transaction was orchestrated by JLL Hotels’ Kate MacDonald, who sees the multi-million-dollar sale of the thriving leasehold as reflective of the current market.
“In the current interest rate environment, investing in a long-term lease appears to be of increasing appeal to astute hoteliers looking to boost cash flow within portfolios.”
