Balmain's Exchange Hotel has been listed for sale, offering a once-in-a-lifetime investment opportunity.
Built in 1885, the heritage listed, iconic establishment boasts a long history of being Balmain’s favourite meeting place, comprising the popular Beattie Bar, Bistro, Balcony bar and new cafe and bar ‘Oliver's Corner’, not to mention numerous elegant function rooms and smart new restaurants.
Superbly located at 94 Beattie Street, just 6km west of the Sydney CBD, the freehold property grandly sits on a 640sqm site on the corner of Beattie and Mullen Street and offers about 1076sqm of net lettable area.
For sale through Miron Solomons and Vince Kernahan of Colliers International, the property reportedly has the potential to unlock multiple income streams and development upside, with an opportunity for a mixed use conversion (subject to council approval).
Mr Solomons said the timing couldn’t be better, with very few freehold opportunities available and in particular undercapitalised value-add opportunities in an area like Balmain.
“The property is certainly unlike most hotels in the area. Its size alone over the multiple levels offers potential for diverse incomes streams,” he added.
“We expect to receive strong interest from owner occupiers, investors and value-add specialists alike.
“Freeholds in Sydney’s tightly inner-west and peninsular suburbs are in huge demand from creative HQ/uses looking to strategically position themselves outside the CBD. The government’s compulsory acquisitions of assets in the CBD have also compounded pressure on demand and supply,” he said.