The Covid lockdown has not curbed demand for Sydney bars, and another popular drinking place is on sale.
The Captain Cook Hotel in Paddington, also known as The Captain, was sold for $10.5 million in an over-the-counter transaction.
The four-story building with 360-degree views of Sydney was purchased after a bidding war by a private consortium related to the current tenants.
This bar was built in 1914 and is located in a key location that will take advantage of the new Sydney football stadium, SCG and entertainment district.
The hotel is located on a corner of 544 square meters of land, with 18 accommodation rooms, a recreation room and a two-bedroom manager apartment.
Last year, the bar caused controversy after announcing that it would change its name to The Captain as part of its rebranding.
John Muska, Managing Director of Jones Lang LaSalle commented: “Although Sydney is currently facing unfortunate hotel ownership challenges, it is expected that the transaction momentum of the entire asset class will continue as this time the owners can rebound from the trade closure after Covid. Benefit from first-hand experience. Like.”
He added: “Once we enter the inevitable post-Covid operation trajectory, compelling investment indicators, limited asset supply and core investment drivers will be reflected.”