Evening Star shines as investment opportunity
- Written by Helen Hull
The site of prominent Surry Hills watering hole the Evening Star Hotel is up for auction for the first time since being redeveloped in 2007.
The legendary Surry Hills pub, which tapped its first keg in 1873 occupies one of the most high profile corner locations in the heart of the Surry Hills retail and commercial hub.
Selling agent Daniel Gunning of Gunning Real Estate said the property occupies a valuable corner position with two substantial frontages.
“It is a secure and well leased investment,” Mr Gunning said. “This outstanding city fringe location is rapidly becoming of Sydney’s newest inner city residential and business hubs.
“The redevelopment of the hotel in 2006 consisted of retaining its façade and the floor space being reduce to a single storey premises as it is today, the rest of the land was developed into a high-rise residential building known as Icon.
“Tenant the Marvan Hotel group, has recently signed a new 7 year lease with a 5 year
option,” Mr Gunning said.
“The Marvan Hotel group has also committed to a major renovation of which will capitalise on its positioning close to China Town and Haymarket. The focus will be on gaming and TAB facilities.
Other hotels operated by Marvan Hotel group include the Sea Breeze, Nelson bay; Lidcombe Hotel, Lidcombe; The Flynn, Sydney; The Bald Face Stag, Leichhardt; The Westmead Tavern, Westmead and The Merrylands tavern, Merrylands.
“Outside of the lockout law precinct, 360 Elizabeth Street, Surry Hills represents good value for future leasing opportunities and with the tram coming through in the area in 2017/2018, we believe demand will be high for this property.
“In the long term the property has the potential to be subdivided into multiple smaller retail shops or remain “as is” in-one-line,” Mr Gunning said.
The property at 360 Elizabeth Street, Surry Hills will be auctioned on Tuesday 3 May 2016 at 10:30am (if not sold prior) at AuctionWORKS Mezzanine Level, 50 Margaret Street, Sydney.
