Strata-titled Surry Hills pub fetches $17m
The Kospetas family’s Universal Hotels has snapped up a high-profile pub opposite Central station, near three major office developments.
The Evening Star Hotel, forming the ground floor of a two level c1873 building at 360 Elizabeth Street, Surry Hills (outlined, image, top), is speculated to be costing $17 million following an off-market campaign.
Eighty six per cent of income is derived from a bar and gaming room with 24 electronic gambling machines.
The venue typically ranks in the state’s top 250 for gaming income, according to marketing agents, JLL’s Ben McDonald and Kate MacDonald.
Also with a restaurant, the property is licensed 24 hours.
Vendor, Dr Barham Hamarashid, outlaid $12m in late 2020.
That seller, Marcus Levy’s Marvan Hotels, had just undertaken a $1.5m refurbishment.
In the pocket, about 1.2 kilometres south of Sydney Town Hall, Dexus and Frasers Property Australia are developing two skyscrapers between 35-37 storeys with a total c150,000 square metres of offices.
Dexus with Atlassian are separately building a 40 level office – set to be the latter’s headquarters (story continues below).
The three projects are set for completion from 2026.
Strata titled pub
On the north east corner of Cooper St, the Surry Hills building was subdivided in 2006 with the pub forming the bulk of the ground floor.
A major apartment building, Icon, was also constructed around it.
Following settlement, Universal will hold 17 hospitality assets, mostly in Sydney.
Mr Hamarashid meanwhile retains local venues including the Winmalee Tavern, west of Penrith, and in the regions, Casino’s Hotel Cecil and the Highlands Hotel at Mittagong.
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