Sydney’s newest landmark hotel up for sale with $125m guide
25 Hours Hotel, Paddington, has a $125m price guide.
Sydney’s newest hospitality venue, 25hours The Olympia, has just opened for business and it’s now on the market with an $125m price guide.
The 109-room luxury hotel with four food and beverage bars was actually offered to the market last March when it was still under construction.
Back then, the guide was $100m.
But the sales agent, McVay Real Estate managing director Sam McVay reckons that it’s now worth far more.
“I don’t think people actually thought it was going to be this good,” he says.
“Most hotels open with just one restaurant or bar, but this has four, and the views are incredible.
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The Olympia’s rooftop Monica bar with its views over Sydney’s east is a great spot for cocktails.
The Olympia’s interior courtyard
“The detail and the finishes are exceptional and now people can actually experience that.”
He says he’s already got interest and taking potential buyers through for one-on-one inspections.
“The other thing is that the Sydney market is so tight — one of the tightest hotel markets in the world.
“In the east we’ve had the InterContinental in Double Bay, but now that’s going.
“And it’s so difficult to build anything because the cost of construction is so high, because the residential values are so high.”
The food and beverage offerings include the London-based Studio Paskin’s Sydney versions of the Palomar, which has held a Michelin Bib Gourmand award at its London Soho location since 2015,
And there’s also The Mulwray cocktail and wine bar; the boutique coffee house Jacob the Angel; and rooftop bar, Monica, which has panoramic views of the Sydney CBD, Sydney Harbour and the eastern suburbs.
The hotel has 109 rooms.
There are four different bars.
The transformation of the iconic West Olympia Theatre site into Australia’s first 25Hours Hotel took seven years.
Nathan Chivas, the managing director of the developer, Central Element, has said it was never their intention to hold onto the site.
“As a business, we strive to leave a lasting impact through our developments that genuinely enrich and inspire their locales.
“It is so exciting to see our original vision of the reinvigoration of the historic West Olympia Theatre come to life and further enrich Oxford Street’s culinary and bar scene.
“We truly believe this project has transformed this site to be a catalyst in restoring Paddington to one of Australia’s leading leisure and lifestyle precincts.”
The Olympia has preserved and reinterpreted many of the original features from the time it
operated as a movie theatre, including the distinctive lantern-like domed portico above its main corner facade and its striking external facade.
Mr McVay said: “25hours The Olympia is unlike anything else in Australia.
“Brand new, but with heritage character.
“Institutional grade but localised and fun.
“A product and location that will appeal to the widest range of customers ensuring outperformance.”
Corey Cooney, Managing Director of Boston Global, said he was “immensely proud” to announce the opening of the 25hours Hotel.
“This project is more than a luxury lifestyle hotel, it’s a dynamic new meeting place for locals and travellers alike,” he added.
“The Olympia has been meticulously designed to capture the essence of its vibrant neighbourhood and features multiple unique, must-visit venues.”
The property is being offered for sale by way of an expressions of interest campaign, closing at 4pm on November 26.
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