Administrators called in for Paddington’s Captain Cook Hotel
The demolition of Sydney’s Allianz Stadium, originally known as the Sydney Football Stadium, may have claimed its first scalp, with Sydney’s landmark Captain Cook Hotel in Paddington entering voluntary administration.
Insolvency firm Jirsch Sutherland has been appointed administrator to the business, saying it is an ideal opportunity for an experienced hotel operator to take on.
“With the redevelopment of the Moore Park precinct, including the recently announced mega-hotel accommodation proposal, as well as the high-density Paddington community, the opportunity to revive this historic public house is limitless,” Jirsch Sutherland partner Andrew Spring says.
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“It’s an iconic pub that’s been a Paddington landmark since 1914. Who hasn’t had a drink at the Captain Cook on the way to or from the cricket or the football?”
Spring says the business was placed in voluntary administration because it was undercapitalised, which “has resulted in a lack of capital investment and an inflexibility in trading operations”.
However, speaking on condition of anonymity, a pub industry veteran says the business was not strong enough to pay the rent of about $400,000 a year.
“Something has to give,” he says.
Manenti Quinlan and Associates has been asked to field offers for the sale of the long-term leasehold — including the bar, bistro, gaming area, accommodation and unused roof terrace — by August 1.
The leasehold was controlled by Endeavour Hospitality, trading as Captain Cook Hotel, for the past 18 months. The business was directed by Darren Wood and Matthew Kohlhagen.
More than $900 million worth of hotels sold in the past financial year in NSW.
This article originally appeared on www.theaustralian.com.au/property.
