Sydney's Marlborough Hotel expected to fetch more than $30m
The iconic Marlborough Hotel in Sydney’s inner-western suburb of Newtown has been put up for sale by its big-name owners and is tipped to fetch in excess of $30 million.
The “Marly” – a large format hotel on the corner on King Street and Missenden Road – is the latest in a string of hotels to hit the market over the past six months, as owners take advantage of bullish prices.
It is one of several expected sales this year for the Australian Pub Fund, led by John Singleton, Geoff Dixon and Mark Carnegie. The other is Kinselas, in Darlinghurst.
The Marlborough’s combination of multiple bars, function spaces, a gaming room and with a location outside of Sydney’s lockout zone made it a business with considerable “depth”, said selling agent Andrew Joliffe from Ray White Hotels.
“Few A-grade hotel offerings… have such business depth as does The Marlborough. Situated outside Sydney’s lockout zone, and with perpetual ownership of 30 very valuable gaming licenses and a DA approval for a licensed rooftop operation, it all augurs well for fantastic future revenue attraction,” he said.
The hotel had in excess of $10 million turnover each year and enjoyed high foot traffic from the University of Sydney and RPA, both of which were close by, he said.
“The multi-street fronted Marlborough Hotel is, in the first instance, a most serious piece of fringe CBD commercial real estate; and at almost 1000 square metres and numerous storeys including an approved alfresco roof top area; the investment flexibility is patently clear.”
The Marlborough in its present art deco form has been operating since 1940, but hotels have operated on the site since the 1860s.
The expressions of interest campaign for the Marlborough Hotel closes March 1, 2017.
