_Mr B’s Hotel building in the Sydney CBD up for sale
The iconic building housing Mr B’s Hotel, situated on one of the busiest intersections at the corner of Pitt & Goulburn Streets in the Sydney’s CBD, is expected to attract interest from a range of buyers, both local and offshore when it hits the market this week.
The seven-storey freehold asset at 390 – 396 Pitt Street is a central icon, with a well-established anchor tenant - Mr B’s Hotel occupying the ground floor and basement of the building and features a bistro & pub, three public bars and gaming room, totalling approximately 821 square metres.
The property is being taken to the market via an Expressions of Interest campaign run by Dominic Ong and Mike Wheatley on behalf of the building owner Reserve Hotel Pty Ltd.
The landmark fully is an upgraded and restored building, and includes 3,521 square metres of pub/hotel, retail, and upper-level commercial and accommodation space over seven levels plus a basement on a 600.7 square metre site in the heart of Sydney’s premier entertainment district.
The seven-storey freehold asset is a central icon, with a well-established anchor tenant - Mr B’s Hotel occupying the ground floor and basement of the building, and features a bistro & pub, three public bars and gaming room.
The prime CBD asset has a strong estimated net income of $3.1 million per annum, which is expected to be one of the biggest drawcards for potential buyers, along with the quality of the property and its central location.
Mr B’s Hotel, formerly the Mandarin Club, is a popular entertainment venue since it’s opening in 2009. The hotel enjoys late night trading and is fully equipped with a restaurant & bar, TAB area, and 30 gaming machines. The asset is 100 per cent leased to four strong cash-flow generating businesses on a net lease basis, with the tenants paying all outgoings.
This tenanted investment is offered with an attractive council approved development upside; the building is not heritage listed and there is a new concrete rooftop ready for additional floors, subject to council approval.
Apart from Mr B’s Hotel, other tenants in the building include a restaurant, ASX listed education provider and accommodation operator – situated on levels 1 to 6.
The property is in a prime location, moments away from the World Square Shopping Centre, Townhall Station and Chinatown.
It’s prominently located in a corner position with large street frontage of 35 metres to Goulburn Street and 16 metres to Pitt Street, benefitting from the new George Street Light Rail and CBD traffic flow.
The property has been fully refurbished and restored, with the building having recently undergone extensive upgrades including new windows and lift services, brand new electrical/plumbing, fire protection and air-conditioning installed on the ground floor.
The Expressions of Interest campaign for the property closes at 4pm on Thursday, March 25.