By Clyde Mooney
One of Sydney’s best-loved but troubled music venues has sold in a private transaction to an unnamed buyer.
Newtown’s bohemian Sandringham Hotel went into receivership in July, with the previous owner, Tony Townsend, unable to keep the banking wolfs from the door, with outstanding debt to Bankwest believed to have been around $3.7 million.
The 126 year old hotel in the busy end of King St has been in the control of receivers Ferrier Hodgson, who have now announced its sale, although the “sale price and the name of the purchaser remain confidential”.
To the delight of Sydney’s music scene, the release stated that “the new owner had indicated an intention to run the business as a live music venue”.
Ferrier Hodgson declined to comment further, but reiterated the significance of the ‘Sando’ finding a new opportunity to continue its tradition.
“It is great to see that the Sandringham will continue to be an important part of the Newtown live music scene. There continue to be opportunities for good operators to run live music venues,” Ferrier Hodgson partner, Morgan Kelly, told TheShout.
Newtown has seen virtually every hotel on King St sell in less than two years, with iconic venues The Bank and The Marlborough most recently changing hands, and the renovated Newtown Hotel officially re-opening next week under Keystone management.
Bargain-hunting Riversdale Group has confirmed it is not the buyer of the Sando, having bought the nearby Vic on the Park in Marrickville with intentions to operate it as a music venue.