This article is from the Australian Property Journal archive
THE historic Terminus Hotel at Pyrmont, in Sydney’s inner south-west, has been sold for $5 million.
Ray White Hotels’ Andrew Jolliffe and JLL’s Steven Tsang and James Aroney handled the campaign on behalf of vendor Auswin TWT.
Jolliffe said the purchaser, who wished to remain confidential is considering a number of uses for the Zoned B4 Mixed Use property, including the reactivation of the licensed premises.
The 492 sqm site comprises the two-storey hotel, which has a gross floor area of 543 sqm. The first level has 12 rooms for pub-style accommodation with shower and restroom facilities.
Auswin TWT general manager Stephen Fitzpatrick said the group was delighted that the Terminus Hotel would be brought back to its former glory by a sympathetic purchaser. The group has owned the property for about one year.
Auswin TWT will retain the 2,300 sqm car park on the south-western side of the hotel, which it plans to use for a luxury terrace development.
Jolliffe said interest in the historic property came from key hospitality operators in Australia and also from household names operating in the Asia Pacific.
“The casual interest shown by the residents of Pyrmont suggests to me that with the right application, the property will enjoy patriotic supporter and thus a prosperous rebirthing,” he added.
Tsang said more than 60 private inspections were conducted with hoteliers, developers, owner-occupiers and community groups.
“The fascination with the historic property generated offers from both domestic and offshore groups who were attracted to the mystery surrounding the Terminus Hotel, the Wakil family who were the previous owners, and the opportunity to purchase a Pyrmont icon,” Tsang said.
Australian Property Journal