Sydney icon to produce '$1 million a month'

Iconic Sydney venue, the Palisade Hotel will be taken to auction on 26 March with a campaign steered by Manenti Quinlan & Associates and Callagher Estate Agents.

Known as the Jewel of Millers Point, the venue was built in 1915 by the Sydney Harbour Trust for port workers and the local community.

The hotel was closed in 2008 for an extensive restoration to incorporate six half floor suites as well as a new rooftop restaurant and bar.

Occupying the gateway to Barangaroo – a $6 billion, 12-hectare mega development – the agents declined to comment on a selling price, however, they project revenue of $1 million a month.

The agents have also suggested an interest from Asian buyers taking advantage of the Australian dollar as well as high profile local investors driven by the current low interest rate regime.

Gerry Quinlan told the Australian Financial Review: "It is unique. We had over 40 calls on the first days of marketing."

Source:  Australian Hotelier - 4th March 2015