The Lord Roberts Hotel in Darlinghurst has been sold for the first time in over a century, following an expressions of interest campaign by Savills estate agency.
Located on a corner plot at the intersection of Stanley and Riley Streets, the ‘Lord Bob’ is found close to both the Sydney CBD, and the lively entertainment district of Oxford Street.
The hotel was sold for $22.5m on behalf of Sue Cameron to Adam Macfarlane, a foreign currency exchange trader who has recently returned to Australia. Savill agents Nick Lower, Selin Ince and Nick Butler brokered the deal.
Butler, who is Savills’ Director of Hotels, believes the sale indicates the on-going health of the investment market for inner-city pubs.
“This sale reflects the strength of the asset class, with city fringe hotels having enjoyed a measurable bounce back into profitable trading post-pandemic. The precinct is set for significant investment in development with the Lord Roberts at the very epicentre of planning proposals and properties under option,” Butler said.
“The new owner is a successful forex trader and ex-pat who has returned to Australia and sees the growth potential in the hotel asset class. We understand he plans to undertake minor renovations to the pub to retain its historic character and charm.”
The Lord Roberts occupies a site of 259 square metres and is spread over three storeys. The hotel features ‘several restaurant, lounge and bar areas’ alongside balconies, a pool room and beer garden.
Savills’ State Director of Hotels, Lower, stated there was a strong competition among would-be buyers of the hotel.
“Inner-city pubs remain tightly held, and The Lord Roberts is ideally located right next to the CBD, just minutes from the most premier amenity the Eastern Suburbs has to offer. The pub has a truly unique, high exposure location with high visibility to the affluent catchment of the Eastern Suburbs,” Lower said.
While Ince, Senior Executive for Hotels NSW and Victoria, noted the historic nature of the 151-year-old Lord Roberts, saying: “The Lord Roberts is a true generational asset and hasn’t been offered for sale in more than 100 years.”
“In addition to the popular pub, it has long-term potential as a significant CBD fringe landholding with freehold assets on one of Sydney’s most iconic thoroughfares,” Ince concluded.