By Andrew Starke
The fourth and final pub in the Landmark Leisure Group’s portfolio has been put on the market by receivers Ferrier Hodgson.
Like its former stablemate, the Vegas Hotel, which was made available in early July, the Mansions Hotel is expected to fetch interest at around the $25 million mark.
Two of Landmark’s four key pubs have so far sold with the Peakhust Inn selling at auction in June for $10.6 million and the Oxford Hotel in Darlinghurst selling earlier this year for $11.5 million.
Ferrier Hodgson have appointed CBRE Hotels to sell the five storey hotel that occupies an 888 square metre corner site at the intersection of Bayswater Road and Kellet Street in Kings Cross.
CBRE’ Joel Fisher, Daniel Dragicevich and Tim Grosmann will steer the Expressions of Interest campaign which closes on Friday August 27 at 4pm.
Fisher said the hotel has been operated as a successful and popular venue recently, despite being run by receivers for the past two years.
“The incoming purchaser will no doubt benefit from the hotels well established clientele, prime location and significant redevelopment potential of the upper four levels, subject to council approval,” he said.
“The introduction of effective marketing of the establishments’ bistro facilities as well as the addition of an outdoor smoking solution for gaming are just two examples that would immediately increase revenues and profitability for the incoming purchaser.”
The freehold property is being offered with Hoteliers Licence, 15 poker machine entitlements and 15 poker machine permits.
Mansions Hotel includes a modern public bar, a recently refurbished bistro, dedicated gaming lounge with 30 poker machines and a separate bottle shop, as well as four upper levels that currently stand vacant.