Swanson Hotel on the market
by Leon Gettler
The recently-refurbished Swanson Hotel in Erskineville is on the auction block.
According to CBRE Hotels Daniel Dragicevich, who is selling the property, the place has just had a $1.25 million renovation and refurbishment.
He says it is well-positioned between Alexandria and Newtown in Sydney’s inner west.
The price is also expected to get a boost from Mirvac's $263 million acquisition and additional $1 billion investment in development at the Australian Technology Park. nearby.
He reckons that will “unleash the site’s true potential”
“The Swanson Hotel is incredibly well-positioned in terms of location and the size of the trading footprint to capitalise on the 10,000-plus CBA employees," Mr Dragicevich told the Sydney Morning Herald.
"An incoming operator will also benefit from the completion of the nearby Ashmore Estate precinct – one of inner Sydney's largest urban developments."
Formerly the Kurrajong Hotel, the pub was acquired by the Balmain Pub Group in 2014 for an undisclosed price. Following some renovations, it was re-opened with a restaurant upstairs under former AHA chef of the year, Brad Sloane of the Riverview Hotel.
Mr Dragicevich would not be drawn on the price he was expecting to get.
However, similar properties including the Salisbury and Newtown hotels.have been sold for over $7 million.
The sale comes at a time when Sydney’s iconic Cargo Bar at King Street Wharf is on the auction block. The venue’s owners, the Keystone Group, are selling the primo location venue so that it can expand into other markets, expanding its burgeoning restaurant and bar businesses beyond Sydney.
As with the Swanson, no price expectations for the Cargo have been disclosed for the sale which is being managed exclusively by Andrew Jolliffe and Joel Fisher of Ray White Hotels Australia.
At the same time, the Terminus Hotel at Pyrmont, is being sold by TWT Global. That comes a year after it was sold by the private Wakil Family.
23rd March 2016
