Paddington’s Unicorn Hotel goes up for sale
Opportunity knocks for the likes of pub barons Jerry Schwarz or Justin Hemmes, with yet another of Sydney’s favourite watering holes set to hit the market.
There are expectations “north of $10m” for Paddington’s Unicorn Hotel, which will be officially launched to market on Tuesday for a May 6 auction.
The building, at 106 Oxford Street, is being offered fully tenanted — with Mary’s Group co-owners Jake Smyth and Kenny Graham still running the popular pub downstairs and interior designers Studio McQualter set to move into the office space upstairs.
Sales agents Paul Grasso, Steffan Ippolito and Will Dawson of IB Property were tight-lipped on the property’s owner.
CoreLogic data indicates two companies: one linked to Mark Ingham and another linked to Ingham and his wife, Rosemary, bought the site for $6.1m in 2009. However, the agents say they are not the owners.
The building makes an average $500,000 net profit per year.
The Mary’s Group has been operating the pub since 2015 and serves up classics such as Unicorn meat pies, chicken schnitzel and Mary’s Burgers.
Studio McQualter is a very famous interior designer with a global client base, including Zimmerman.
The listing follows a string of recent sales of Sydney pubs, including the Courthouse Hotel at Taylor Square in Darlinghurst late last year for $22m to investment group Moelis Australia. A refurbishment is planned.
Last November, Justin Hemmes of Merivale bought Randwick’s The Duke of Gloucester — better known as The Dog — for about $32m from Good Beer Company.
In the inner west, Redscape bought the Gladstone Hotel in Dulwich Hill from long-term owner Craig Coote for $38m.
The Unicorn Hotel is described as an exceptionally well-maintained two-storey mixed use freehold building plus basement.
The property has a light-filled office space on the first floor with flexible open space.
On the ground floor, the pub features a bar, sitting area and a leafy courtyard.
Down in the basement, there is a dining room and main kitchen area.