Historic Fitzroy Hotel Listed for Sale
Sydney, 2 March 2020 – The Fitzroy Hotel in Windsor has been listed for sale with price expectations around $6 million. HTL Property’s Sam Handy and Blake
Edwards have been exclusively appointed to steer the sale process, directly following on from their other recent sales in the area being RG McGee’s ($6.5 million), the Royal Hotel ($18 million) and the Clarendon Tavern ($6 million).
The freehold component of the hotel asset is subject to a lease, however upon advice from HTL Property, tenants Craig and Michelle Thomson have agreed with the freehold owners to offer the business and property together; and in doing so offer the market the opportunity to acquire a freehold going concern.
The hotel is located on a 1,319 sqm site within the main commercial/retail precinct of Windsor, and enjoys operation of a 3am liquor licence with 16 gaming machines attached. The hotel’s gaming performance was ranked #684 for the Dec-19 quarter.
The business is widely considered to demonstrate compelling upside levers for an incoming owner prepared to spend some much needed capex in the right areas.
“There are very few entry-level large format Western Sydney freeholds at this price point, and which exhibit such strong core investment fundamentals; as well as offering such clear and demonstrable upside levers which can be easily accessed via deployment of strategic capex” advised HTL Property Director, Sam Handy.
“We have recently seen very experienced hoteliers such as Ashton Waugh and Peter Wynne invest in the area, and this quote rightly should instil confidence in other investors assessing the property’s geographical viability” Handy concluded.
The adjoining retail property, which represents a 756sqm holding, is also available for purchase. Acquisition of the adjoining retail property would afford an incoming operator the downstream opportunity to amalgamate with the hotel, and in doing so increase the size of the gross trading footprint.
Both the Windsor and Richmond catchment areas have seen several recent land releases for residential development; and these underpin the region’s strong population growth and demand prospects. Furthermore, Windsor is also located on the cusp of the North-West Priority Growth Corridor; which will see 33,000 new homes delivered to accommodate over 250,000 new residents. The Marsden Park development, within the precinct, will deliver 10,000 residents alone.
“The growth and demand drivers for the North-West corridor are patent and compelling. There are numerous large-scale infrastructure, land release and residential subdivisions active and proximate to Windsor; which bodes well for the long-term prosperity of the region” concluded HTL Property Director, Blake Edwards.
The Fitzroy Hotel is being sold via an Expression of Interest process, concluding at 4:00pm on Thursday 26th March 2020.