Burdekin Hotel with one of Sydney’s best new rooftop bars for sale with $15m guide
Darlinghurst’s Burdekin Hotel has gone up for sale and insiders expect it to sell for about $15m.
The recently added rooftop bar — one of Sydney’s best — is likely to be extremely popular as the city re-emerges from lockdown, with its views over Hyde Park and the east towards the harbour.
The pub won approval to open the rooftop and its timber booths to the public once lockout laws were repealed last January. The new bar offered “cocktails, pub-style Italian food and one helluva happy hour”.
Built in the 1840s and originally known as Flanagans, the four-level pub was later renamed in honour of Thomas Burdekin, an ironmonger who became a wealthy and successful merchant and landholder.
It’s now being sold by Steffan Ippolito & Dimitrios Franze of IB Property in an expressions of interest campaign closing at 4pm on October 21.
With six bars and the new rooftop, the pub, which has a long history of packed dance floors and live music, is likely to soon again become a popular entertainment destination.
Says Ippolito: “Being such an iconic venue and located on Hyde Park, it’s a rare freehold asset with secured income and future development potential.
“With City of Sydney identifying Oxford St as a key entertainment precinct, the Burdekin has proven to be part of the Oxford St landscape for years and with the valuable 24-hour licence, it will take advantage of the City’s push for the night-time economy.”
The Burdekin was one of the first to be granted an exemption from the lockout laws back in 2017 and has remained a hotspot for night-life and a Mardi Gras hub since.
Up until the lockdown, downstairs, the hotel regularly hosted comedy shows, trivia nights and drag competitions.
The Burdekin is at the start of Sydney’s premier entertainment precinct, which is undergoing huge redevelopment.
Ash Morgan and TOGA are redeveloping three blocks along the strip.
The Burdekin features a 24-hour licence and three poker machine entitlements.
It’s leased to an established operator who pays 100 per cent of outgoings, with a net income of $436,000 per annum plus GST.
Property records show the current owners are the Stillone and Niutta families who bought it for $7.7m in 2001.