By Clyde Mooney – editor Australian Hotelier
The ground floor of the historic Manor building in Sydney's Kings Cross, including the former Mansions Hotel, has been listed for sale.
The large footprint site includes the currently inactive hotel licence, 15 EGM entitlements and 15 EGM permits and is being managed by Joel Fisher and Daniel Dragicevich of CBRE Hotels.
CBRE has already transacted nine pubs this year including the Bristol Retro Arms in April for $8 million, and Dragicevich told TheShout this campaign coincides with a marked pick up in investment activity in the Sydney hotel market.
"Corporates and larger investment groups are driving the majority of activity, however for the first time in years we are seeing various new entrants targeting the hotel sector, which is helping to underpin buyer competition," said Dragicevich.
On the tail of half a dozen property sales in the precinct, Dragicevich feels the selling points of the Manor are significant.
"There is still a strong appetite for assets up there (Kings Cross) due to the natural attributes of the area: high foot traffic, and a busy nightlife.
"This venue is particularly saleable as it is a relatively low entry point for what is a large footprint and 30 gaming licences, and it gives an incoming operator the ability to start a new offering from scratch."
Toga Group bought the early 1800s building for $16.75 million in early 2011 and is almost finished the renovation of the 43 apartments on the upper levels.
For more on pub real estate – see TheShout's Pubs for Sale page.