The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Urban Leader Awards Logos RGB White
NOMINATIONS CLOSE SEPTEMBER 12 RECOGNISING THE INDIVIDUALS BEHIND THE PROJECTS
NOMINATIONS CLOSING SEPTEMBER 12 URBAN LEADER AWARDS
LEARN MOREDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
4
print
Print
HotelTed TabetWed 20 Jan 21

W Property Snaps Up the Old Fitz Pub

852bfdfd-ddd2-4e35-a177-1f8abf4f76d8

Sydney-based development group W Property has picked up the Old Fitzroy Hotel in Woolloomooloo for $5 million.

Affectionately known as ‘the Old Fitz’, the hotel also houses a live theatre venue that has enjoyed a cult following since its inception in 1997.

The pub has been owned and operated by Gary Pasfield for more than 20 years, before deciding to move ahead with a leasehold sale.

New owners W Property, a commercial development and investment group led by Michael and Prue Williams, are known for specialising in the adaptive reuse of old and heritage buildings across Sydney.

The private group has worked on projects including 350 George Street in the CBD and 19 Foster Street in Surry Hills.

Looking forward, W Property said they intend on leasing the pub to a food and beverage operator; and formalising a long term lease with Red Line Productions.

“This acquisition is a real marriage of our two strongest passions – old buildings and the arts,” Williams said.

“We’re really excited about working with a new operator for the pub, and also with Andrew Henry in order to inject some new life into the pub and theatre at the same time as preserving its obvious character and local appeal.”

HTL Property director Sam Handy said that while the property had been targeted by a range of hoteliers, investors and developers looking to remix the offering, the hotel would likely now remain a pub and theatre.

“Quite clearly the hotel has some excellent underlying redevelopment fundamentals, and was of interest to several alternative use suitors.

“However, in my view some hotels are simply just too important to the local fabric of the community to make wholesale changes to, and I think this is true in the case of the Old Fitzroy Hotel.

Handy said the sale affirmed the underlying property fundamentals of Sydney’s eastern suburbs with the current weight of capital, and divergent private and public sources, continuing to drive transaction demand.

“We are absolutely elated we could achieve a strong price for our clients in order to see the history and tradition of this hugely popular Sydney institution preserved,” Handy said.

HTL also recently sold the leasehold interests of the Duke of Enmore Hotel and Sly Fox Hotel.

The agents also negotiated the sale of Alexandria’s Camelia Grove Hotel which was picked up by local developer Jaga Group who own several similar hybrid pub and accommodation developments across Sydney.

“We anticipate the Sydney Metropolitan mid-market to be a very active sub-segment this year, and have commensurately increased our focus and resources in order to deliver these kinds of outcomes to our valued clients,” Handy said.

According to figures compiled by HTL show $825 million of hotels—both pubs and accommodation—changed hands in 2020, down from $2 billion in 2019, with 43 per cent of all sales to first-time investors.

HotelAustraliado not useReal EstateDeal
AUTHOR
Ted Tabet
The Urban Developer - Journalist
More articles by this author
website iconlinkedin icon
ADVERTISEMENT
TOP STORIES
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
Woolloongabba Precinct Vulture St
Exclusive

Brisbane Developer in Cross River Rail Compensation Tussle

Clare Burnett
4 Min
The Mondrian Gold Coast hotel's food and beverage is driving profits
Exclusive

Touch, Taste, Theatre: What’s Driving Mondrian’s Success

Renee McKeown
6 Min
Fortis’ display suites are designed as brand environments first, with tactile details and curated design to build buyer confidence before project specifics.
Exclusive

Relevant or Redundant: Will Tech Kill Display Suites?

Vanessa Croll
7 Min
Exclusive

Missing Heart: Why The Gold Coast Needs a CBD

Phil Bartsch
7 Min
View All >
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
The property giant’s strategic shift to higher density is in full flight as details of two landmark projects are made pu…
LATEST
JQZ Parramatta EDM
Residential

JQZ Plots 10-Storey Addition to Parramatta ‘Auto Alley’ Plans

Clare Burnett
3 Min
Aerial view of Caboolture and Bruce highway to Brisbane with Bribie Island Road crossing, Queensland, Australia
Policy

Queensland’s $2bn Push Opens New Housing Front

Vanessa Croll
2 Min
Stockland bumps up its apartment pipeline in melbourne and sydney
Exclusive

Stockland Re-Enters Density in $5bn Apartment Play

Renee McKeown
4 Min
South Melbourne social housing precinct
Affordable & Social Housing

South Melbourne Housing Precinct Revamp Takes Next Step

Leon Della Bosca
2 Min
View All >
ADVERTISEMENT
Article originally posted at: https://www.theurbandeveloper.com/articles/w-property-picks-up-sydney-fringe-hotel