Paddington’s Captain Cook Hotel Sold by JLL
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Paddington’s Captain Cook Hotel Sold by JLL
JLL Hotels & Hospitality Group Managing Director John Musca announces the off-market sale of the Freehold interest in the Captain Cook Hotel, Paddington for $10.5 million.
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JLL Hotels & Hospitality GroupJLL Hotels & Hospitality Group Managing Director John Musca announces the off-market sale of the Freehold interest in the Captain Cook Hotel, Paddington for $10.5 million. -
JLL Hotels & Hospitality GroupJLL Hotels & Hospitality Group Managing Director John Musca announces the off-market sale of the Freehold interest in the Captain Cook Hotel, Paddington for $10.5 million.
COVID trade uncertainties seem to be doing nothing to dampen the interest in the pub asset class as JLL Hotels & Hospitality Group Managing Director John Musca announce the off-market sale of the Freehold interest in the Captain Cook Hotel, Paddington for $10.5 million.
After a spirited bidding war, the freehold was snapped up by a private syndicate associated with the incumbent tenants looking to securitize their business interest with the restapling of the valuable underlying property interest.
Occupying a 544sqm commanding corner position only a few minutes walk from the soon-to-be reopened Sydney Football Stadium (2022), SCG and Entertainment Quarter, and now swiftly connected to Central Station by Light Rail, the Captain Cook is on the brink of a new chapter in its trading history.
Housed in a striking four-level building with a stunning rooftop offering 360-degree views of Sydney, the hotel includes valuable 15 PMEs, 18 accommodation rooms, entertainment room and substantial 2-bedroom manager's apartment.
JLL Managing Director John Musca commented that “despite unfortunate current hotel ownership challenges in Sydney, the transaction momentum is expected to continue across the asset class as this time owners have the benefit of first-hand experience of what the post-COVID closure trade bounce looks like”. “The compelling investment metrics, limited asset supply and core investment drivers, will be exemplified once we enter the inevitable post COVID operating trajectory”, he suggested.
With JLL manifesting over $600m of hotel transactions nationally in Q2 of this year, including some record-breaking sales in regional Victoria and Byron Bay, there seemingly exists a insatiable appetite for hotels across the country. The recent listing of the demerged Endeavour Group and build up to the future ASX listing for Australian Venue Co, are adding corporate depth to an already populous private investment landscape in the active hotel real estate asset class.
To request a sales analysis please email the selling agent via the below contact details.
