Sydney, 4 August 2013-A flurry of activity in Sydney’s hotel market is helping to reinvigorate the inner-city suburb of Paddington, as more hoteliers open their doors in the area.
CBRE’s Daniel Dragicevich said Leeroy Petersen, owner of Twisted Liquid Group, was the latest newcomer into the Paddington hotel scene, after he purchased Durty Nelly’s Irish bar and restaurant for an undisclosed sum.
“The hotel’s prime location and close proximity to Oxford Street – one of Sydney’s best known shopping and dining precincts – was one of the driving factors behind the sale,” Mr Dragicevich said.
Located at 9 Glenmore Road, the hotel is situated on a prominent corner site and features a ground floor public bar, large commercial kitchen on the first floor and includes a hoteliers license with five poker machine entitlements. The building is positioned on a 171sqm parcel of land.
Mr Dragicevich said the property purchase represented Mr Petersen’s first foray into licensed hotels and was evidence that the market was experiencing an upturn in activity.
“This sale reflects the reinvigoration of Paddington’s nightlife precinct since the reopening of the Imperial Hotel, the impending sale of the Paddington Arms and the recent announcement that Merivale plans to open one of its Mexican-themed El Loco venues in the area,” Mr Dragicevich said.
Mr Petersen said Durty Nelly’s would undergo a small revamp, but largely remain as it is.
“I see the venue as having a strong Irish following and will ensure it remains true and loyal to its clientele,” Mr Peterson said.
“We are happy to be bringing Flying Squirrel and Stuffed Beaver Executive Chef Dave Quinton on board for a new menu and to add something different to the revitalised Paddington pub scene.”
Durty Nelly’s is located two kilometres east of the Sydney CBD and 12 kilometres from Bondi Beach.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website atwww.cbre.com.au.