By Vanessa Cavasinni, editor Australian Hotelier
The Terminus Hotel in Pyrmont, having been closed for more than 30 years, has now been sold.
The inner-city, heritage-listed Sydney hotel was sold by property development group Auswin TWT, for roughly $5 million. The buyer, an established Sydney property developer, wishes their identity to remain confidential. The campaign for the sale of the Terminus Hotel was conducted by Andrew Jolliffe of Ray White Hotels Australia, and Steven Tsang and James Aroney of JLL Sales and Investment NSW.
As part of the sale, Auswin TWT will retain the 2300 sqm carpark adjacent to the hotel. The company plans to build luxury terrace homes within that land. The site, including the hotel, is zoned as B4 Mixed Use, and therefore can include different bar and dining options, as well as accommodation. Jolliffe stated the buyer is considering different options for the property, including reviving the licenced premises.
“I'm delighted to have been involved in another unique property sale, one which garnered interest from not only the key hospitality operators from Australia, but also drew offers from household names operating in the Asia Pacific.”
“Not surprisingly, given the wholly compelling opportunity to acquire a piece of real estate so steeped in both history and opportunity, the level of interest was significant; and the casual interest shown by the residents of Pyrmont suggests to me that with the right application, the property will enjoy patriotic support and thus a prosperous rebirthing.”
Built in the early 1900s, the Terminus Hotel, originally called The Cooper’s Arms Inn, retains many of its original Federation features, including the red-brick façade and parapet skyline detailing. The hotel was closed for nearly 30 years when it was owned by Isaac and Susan Wakil, before being sold to Auswin TWT roughly twelve months ago.
“We are delighted that The Terminus Hotel will be brought back to its former glory by a sympathetic purchaser,” said Stephen Fitzpatrick, the General Manager of Auswin TWT. “Its busy location should guarantee strong patronage as it is surrounded by residential and commercial development and gains high pedestrian passing trade and commuter exposure.”
The Terminus Hotel is a two-storey building, with a gross floor area of 543 sqm, and includes 12 accommodation rooms on the first floor.