One Investment Management Pty Ltd has appointed leading commercial agencies Savills in conjunction with JLL to sell the Republic Hotel, a rare CBD trophy asset located at 69-73 Pitt Street, Sydney, via an International Expressions of Interest campaign.
The iconic pub at the gateway to the CBD is expected to generate interest from hospitality operators, commercial investors and developers and is earmarked to fetch in excess of $50 million.
Prominently located on the corner of Pitt and Bridge Street’s in the northern CBD, The Republic Hotel is surrounded by premium grade office buildings, 5-star hotels and retail offerings, with enhanced transport connectivity and proximity to The Sydney Harbour and world class tourism attractions.
Occupying a site area of 228 square metres, The Republic spans four levels and has an NLA of 753 sqm. The Republic Bar is on the street level, with a restaurant offering Republic Dining on Level One and Taylor’s Rooftop Bar on the roof space.
With a rich history dating back to 1865, the Republic has grown with the city of Sydney from a single storey pub to the iconic four level landmark it is today.
According to Nick Lower, NSW State Director of Hotels from Savills, The Republic Hotel presents “a once in a generation purchase that compares to ‘Mayfair’ on any Monopoly board”.
“The Republic Hotel is an institution in the Sydney pub landscape – a consistent performer and one of the great meeting places for all manner of social groups – such is its prominent position in Sydney’s CBD dress-circle,” said Lower of Savills.
Sydney’s hotel sector has shown continued signs of strength in the post-COVID recovery as evidenced by a spate of recent sales including the sale of the 151-year-old Lord Roberts Hotel in Darlinghurst for $22.5 million, brokered by Savills. and the high profile recent sale of Bar Broadway in Chippendale at the southern end of the CBD by JLL Hotels for $36m.
“Though it currently trades as a pub, we expect many buyers to look at it through numerous lenses, potentially as a mixed-use offering. It is a rare opportunity to secure a gateway piece of real estate in the CBD, superbly located as it is in walking distance to Circular Quay, Wynyard and the light rail,” said Mr Lower.
According to JLL Senior Vice President, Ben McDonald, ,the investment credentials of The Republic will be a beacon for savvy hotelier’s and commercial investors seeking exposure to the CBD. “With operating real estate assets in key markets such as the Sydney CBD being highly sought after we expect strong interest in the asset from a wide ranging investor set.”
Mr McDonald continued; “The unmatched convergence of key investment attributes such as core CBD location, trading profile and upside potential will undoubtedly be a key driver of interest in the asset as the CBD continues reinvent itself in a post covid world.”
The Republic Hotel also boasts 28 valuable gaming machine entitlements (GME’s) and a rare 5am trading licence which alone is estimated to be worth circa $20m in today’s market.
According to Mr Lower of Savills, “with strong revenues across passive and active income streams and one of Sydney’s most known corner holdings, The Republic really is once in a generation purchase.”
The Republic is being offered for sale by way of international Expressions of Interest, with offers to be closing on 22 September 2022 (AEST).
Related Articles
