Theatrical Old Fitzroy Hotel listed for Sale
As freehold stock continues to become more scarce, high quality leasehold assets are becoming increasingly targeted by astute investor operators; culminating with the business interests in the Old Fitzroy Hotel being listed for sale.
HTL Property’s Sam Handy and Blake Edwards have been exclusively appointed to steer the campaign; following directly on from their recent successful leasehold interest sales of both the Duke of Enmore Hotel and Sly Fox Hotel.
Occupying a commanding 237 sqm site, the century old local hotel is located within the narrow back streets of Woolloomooloo - Sydney’s most active waterside precinct.
The Old Fitzroy Hotel (affectionately known by locals as the ‘Old Fitz’) contains a somewhat unique feature housing the 'Old Fitz' theatre - a popular live theatre venue that has enjoyed a cult following since its inception in 1997. The 'Old Fitz' theatre regularly sees sold out shows and concerts; and is considered to be a great driver of foot traffic and patronage for the hotel business.
The pub had been owned and operated by Gary Pasfield for over 20 years, but looking for a slower change of pace he decided to lease the business out.
After having the pub now closed and seeing through the worst of the pandemic restrictions, Pasfield is approaching the campaign with an open mind regarding the various lease and sale outcomes - and has instructed the HTL Property to bring him any and all offers be that on the business, property and/or poker machines.
"We've received numerous unsolicited approaches on the business and property over the last six months and thought it would be best to put a structured sale process in place as a result" advised Pasfield.
"There are myriad ways in which this asset could be cut up, and we saw the success that Sam and Blake had on the Duke of Enmore Hotel campaign, so are keen to replicate that outcome if the right tenant comes along" Pasfield added.
The Duke of Enmore Hotel leasehold was sold by HTL Property within a fortnight of listing it for sale.
"The market response to the Duke of Enmore Hotel campaign was quite incredible" commented HTL Property Director, Sam Handy.
"There is a huge thirst for premium free leaseholds from a range of quality operators across the gamut of market segments be they hoteliers, bar operators or restaurateurs" Handy concluded.
The Old Fitzroy Hotel is for lease via an Expression of Interest campaign closing at 4:00pm on Thursday 22nd October 2020.
HTL Property, 6th October 2020
