The Captain Cook Hotel in Paddington sells for $10.5m
The Covid lockdown has done nothing to dampen demand for Sydney’s pubs, with another popular drinking spot selling.
The Captain Cook Hotel in Paddington, also known as The Captain, has sold for $10.5 million in an off-market deal.
The four-level building which has 360-degree views of Sydney was purchased after a bidding war by a private syndicate that are associated with the incumbent tenants.
The pub was built in 1914 and is located in a key position that is set to take advantage of the new Sydney Football Stadium, SCG and Entertainment Quarter.
On a 544sqm landholding in a corner position, the hotel has 18 accommodation rooms, an entertainment room and two-bedroom manager’s apartment.
The pub attracted controversy last year after it was announced that the name would be changed to The Captain as part of a rebrand.
JLL Managing Director John Musca commented that “despite unfortunate current hotel ownership challenges in Sydney, the transaction momentum is expected to continue across the asset class as this time owners have the benefit of first-hand experience of what the post-Covid closure trade bounce looks like.”
“The compelling investment metrics, limited asset supply and core investment drivers, will be exemplified once we enter the inevitable post Covid operating trajectory”, he added