Real Estate

Chinese investor buys Woolbrokers Arms Hotel

Written by The ReReport
As seen in the Source link, written by on 2018-12-18 07:30:14

One of Sydney’s most iconic establishments, the Woolbrokers Arms Hotel in Pyrmont, has found a buyer, selling for around the listed price of $9.6 million.

The result is a big success for the vendors, who paid $9 million for the property in November 2017, an increase of $600,000 without completing any major work.

Located at 22 Allen St, it is currently ran as a budget hotel and has 27 rooms with an annual turnover of $1.2 million in 2017.

The property received 120 inquiries according to selling agent Ray Larkin of Manenti Quinlan and Associates, who brokered the deal with Miron Solomons of Colliers International.

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The property initially went to auction where it passed in under a vendor’s bid of $9.4 million, before selling after auction to a Chinese investor.

Mr Larkin said the main interest was due to the location near the growth precinct of Darling Harbour and the drawings completed by an architect that show the possible conversion into a 43 room hotel, subject to council approval.

He could not reveal what the exact sale price was, but it is believed to be around the price guide of $9.6 million.

The buyer plans to see out the current five year lease period and then consider their options.

It is currently leased for $450,000 a year.