Hotel Terminus sells for $5 million after being shut for 30 years
by Leon Gettler
Three decades after it was left abandoned, the Hotel Terminus in Pyrmont, Sydney has been sold for $5 million to a private developer
Plans are now afoot to breathe life back into the early 1900's Federation Style building.
Originally called The Cooper's Arms Inn, the hotel’s name was changed back in 1911 in reference to the tram service that terminated on Jones Street. There are no more trams in Sydney and the hotel closed down in the 80s.
The selling agents behind the deal say the buyer’s identity remains a mystery.
Either that, or they’re saying nothing with Andrew Jolliffe of Ray White Hotels Australia, co-agent on the pub sale, saying they’re looking at various uses for the space including re-opening the licensed premises.
“Not surprisingly, given the wholly compelling opportunity to acquire a piece of real estate so steeped in both history and opportunity, interest came from the key hospitality operators in Australia and also from household names operating in the Asia Pacific,” Mr Joliffe told the Daily Telegraph.
“The casual interest shown by the residents of Pyrmont suggests to me that with the right application, the property will enjoy patriotic support and thus a prosperous rebirthing.”
The hotel was owned and kept empty for decades by mysterious property moguls Isaac and Susan Wakil, an elderly reclusive couple sitting on a property portfolio of derelict building in some of Sydney’s most neighbourhoods.
They sold the Terminus two years ago to developers TWT Auswin, all part of their plans to sell off $200 million worth of property and donate the money to charity.
And that they did, with the Susan and Isaac Wakil Foundation donating an unprecedented $10.8 million gift to Sydney University’s nursing school last year throwing in another $35 million donation to the same institution last week. They have also donated $1 million to the Sydney Jewish Museum.
April 27th 2016
