The Three Weeds in Paddington, also known as The Rose, Shamrock and Thistle, has been sold to a private investment syndicate by HTL Property.
The HTL team, consisting of Andrew Jolliffe, Dan Dragicevich and Sam Handy sold the property following a publicly marketed campaign.
The property is located on Oxford Street, with the ground floor currently occupied by The Maybe Group’s popular Mexican-themed bar, El Primo Sanchez. The property comprises approximately 536sqm, with flexible planning approvals supporting further redevelopment of the site and building.
In its advertisement of the property HTL said there is an approved Development Application to convert the upper floors into 22 accommodation rooms with ensuites.
“A mainstay of the upmarket Paddington hospitality scene, the traditional pub aesthetic promoted and when combined with the inherent developable capacity enjoyed by the Three Weeds, projected itself magnetically to multiple parties pursuing the opportunity” advised HTL Property’s Managing Director, Jolliffe.
“We’re delighted to have represented our valued client regarding the sale of this famed Sydney hotel, another in a long line of transactions triggered this calendar year by the confluence of compressed debt pricing, and strong mixed revenue generation.”
The Three Weeds sale follows that of the Balmain Town Hall last week, which was sold on behalf of receivers looking after Public Hospitality assets. The investors who bought the former Town Hall Hotel, said they had intentions of reactivating the site back into a trading hotel business.
HTL Property would not be drawn to share further information about the investment syndicate which bought the Three Weeds, or the price paid, but did confirm that the transaction metrics mirrored those provided by the team throughout the venue’s sale process.