Oxford Street landmark on the auction block
Another prominent Sydney hotel has hit the market.
The iconic Columbian hotel, sitting on both Oxford and Crown Streets in Darlinghurst is now being sold. The Columbian has a prominent spot in the Sydney, being one of the city’s gay bars and just a place to drop in at the end of the night.
Open until 6am, the hotel with its double frontage not to mention 30 poker machines in addition to drag shows and male cage dancers, is expected to sell for more than $15 million.
The sale, which is being managed by Ray White Hotels Australia, comes at a time when Sydney inner and Eastern suburbs are being transformed.
The area is changing with hotels like The Paddington, Dolphin Hotel and The Light Brigade Hotel going through massive refurbishments and residential developments such as the Hensley and Omnia in Potts Point and Golf House in Surry Hills changing the area.
The sale of the Columbian is expected to speed that up that process.
Andrew Jolliffe said the sale had nothing to do with the lockout laws. The sale was just one of the choices that the vendors was now making.
“Our client has relocated internationally, and has entrusted us to manage the sale of his remaining hospitality asset. Something we feel very privileged to do,” Mr Jolliffe told the Daily Telegraph.
He expected the hotel would attract a great deal of interest from investors, simply because of the location and its reputation.
“Along with being one of the most densely populated suburbs in all of Australia, Darlinghurst is home to a young and vibrant community; whose residents are typically independently wealthy and have high, disposable incomes; an attractive proposition for any hotel operator or investor,” Mr Jolliffe said.
He denied that the hotel was being put on the market because it was struggling, pointing out that it had a “very strong beverage and entertainment background”.
He also said a range of buyers would be attracted to the three storey building.
by Leon Gettler, July 22nd 2016
