Chinese investor pays $9.6m for Sydney’s Woolbrokers Arms Hotel
One of Sydney’s most iconic establishments, the Woolbrokers Arms Hotel in Pyrmont, has found a buyer, selling for around the listed price of $9.6 million.
The result is a big success for the vendors, who paid $9 million for the property in November 2017, an increase of $600,000 without completing any major work.
Located at 22 Allen St, it is currently run as a budget hotel and has 27 rooms with an annual turnover of $1.2 million in 2017.
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The Woolbrokers Arms is currently used as a budget hotel.
The property received 120 inquiries according to selling agent Ray Larkin of Manenti Quinlan and Associates, who brokered the deal with Miron Solomons of Colliers International.
The property initially went to auction where it passed in under a vendor’s bid of $9.4 million, before selling after auction to a Chinese investor.
Larkin says the main interest was due to the location near the growth precinct of Darling Harbour and the drawings completed by an architect that show the possible conversion into a 43-room hotel, subject to council approval.
A look inside the hotel.
He could not reveal what the exact sale price was, but it is believed to be around the price guide of $9.6 million.
The buyer plans to see out the current five-year lease period and then consider their options.
It is currently leased for $450,000 a year.
This article from CENtRAL originally appeared as “Chinese investor pays around $9.6m for Woolbrokers Arms Hotel”.
