Sydney, 5 March 2014 – The award winning Old Fitzroy Hotel in Sydney’s inner-east has been listed for sale.
Located at 129 Dowling Street, the Woolloomooloo hotel is located on a 273sqm site and comprises a public bar, ground floor restaurant, beer garden, gaming room with 15 PMEs, function room and commercial kitchen.
Old Fitzroy Hotel, which received TimeOut Sydney’s coveted Best Pub Award in 2012 and Hall of Fame Award in 2011, also features accommodation rooms and offices on the second floor and Australia’s only live pub theatre. The Old Fitzroy Theatre is currently leased to the Independent Theatre Company and used six days per week.
CBRE’s Peter Vines and Daniel Dragicevich have been appointed by Garry Pasfield to sell the property via Expressions of Interest.
Mr Dragicevich said the Old Fitzroy Hotel was stepped in Sydney’s history, with a pub operating on the site since circa 1910.
“The Old Fitzroy Hotel has a long history in the highly sought after area of Woolloomooloo and its adjoining theatre – Australia’s only pub theatre – has supported local artists, thespians and musicians for decades,” Mr Dragicevich said.
“We expect this iconic hotel will attract strong interest from a range of potential buyers including experienced operators looking to drive revenue in the already successful ground floor areas and further establish the underutilised first and second floor areas to achieve strong growth in profitability.”
The hotel’s public bar has licensed frontage on to Dowling Street and features vintage interiors, while the recently refurbished upstairs bar provides a more modern and sophisticated vibe, appealing to the growing number of young professionals in the area.
Mr Dragicevich said the hotel also held redevelopment potential
He commented: “This premises would benefit from further refurbishment, particularly the upstairs bar which is currently underutilised, but would be perfectly suited to a cocktail, whisky or craft beer bar.”
The Old Fitzroy Hotel is located in the heart of Wooloomooloo, at the corner of Dowling and Cathedral streets, approximately 2km from the Sydney CBD.