Building that was home to the Sandringham Hotel in Newtown on the market for more than $5 million
The former Sandringham Hotel building in Newtown, which more recently traded as the Newtown Social Club and is now leased to a mini-golf business Holey Moley, is on the market.
For decades the property, built in the 1870s and located at 387 King Street, was a popular live-music venue, known as a stomping ground for bands such as The Whitlams.
It’s being sold by Jackson Wray and Joseph Lin of Colliers International with price expectations of more than $5 million.
According to The Sydney Morning Herald, the “Sando” as it was affectionately known had hosted live music for three decades before it went into receivership in 2012 with debts of $3.6 million.
It later reopened under new ownership as the Newtown Social Club before closing in 2017, with the then-owners blaming Sydney’s “regulatory climate”.
Holey Moley commenced a lease at the property a month later, installing an 18-hole mini-golf course in the pub.
Mr Lin said the building’s owners were looking to “capitalise from the property gain that they’ve accumulated” since 2012.
The Holey Moley business is doing “quite well” now that lockdown measures in Sydney had been largely lifted. The business, which is owned by Melbourne-based company Funlab, has a lease until 2022 with a five-year option.
Mr Lin said the 784-square-metre property was being pitched at a wide range of prospective buyers.
“With an existing hotel licence, we anticipate this opportunity will be attractive to investors, land-bank developers or publicans,” he said.
“[It’s] a building with historical significance in Sydney and the inner west, well located near Newtown’s popular vegan strip and renowned for being one of Sydney’s favourite live-music venues.”
387 King Street will be sold via public auction on November 26, 2020.
