The Bar Broadway Hotel, in the middle of Sydney’s southern CBD, is going on the market in June 2022 or the first time in nearly two decades. The property is expected to sell for around AU$45 million (US$30 million).
Built in 1939 and variously known as Sutherlands Hotel, the Westminster Hotel and Guys and Dolls Hotel, the art deco building is on the corner of Broadway and Regent Street in Chippendale. That puts it near Chinatown, multiple university campuses, and close to Central Station, Sydney’s biggest rail stop.
The current owner is a retiree from the United Kingdom and the lease is also individually held. Critically, the hotel boasts a much-sought-after three-hour gaming shutdown. Most hotels must shut down gaming for at least six hours a day.
Sydney’s booming hotel market shows no signs of cooling with more than AU$1 billion (US$720 million) in hotel transactions completed in the past 12 months. In the most recent deal, Minskys Hotel—a late-night watering hole at Cremorne on Sydney’s lower north shore—changed hands for the first time in nearly two decades for AU$39 million (US$28 million).
There’s been a liquor license on the site since 1895, when Tooth and Company—the once major New South Wales brewery—built the three-story Federation style hotel, the Westminster. With the road widening of Broadway in the 1930s that building was demolished and replaced by the existing one.
For more on this story, go to The Urban Developer.