The iconic Marlborough Hotel is for sale. Anyone who’s been to Sydney Uni will know this Newtown institution as a place to bring their A-game for Wednesday night trivia; to see live bands on the weekend; and, more recently, to fill up their Young Henrys growlers at the bottle shop.
The current owner, the Riversdale Group, wants to sell it for around $35 million.
This follows Riversdale’s successful sales of the three other pubs it owns, including Bristol Arms, in December last year.
“The market is strong, so we want to take advantage,” Riversdale investor and ex-Qantas CEO Geoff Dixon told the Australian. “We’re expecting $35 million for the Marlborough Hotel.” he said.
“Generally speaking, it’s a good time in the market for both buyers and sellers, and we’ve seen a lot of transactions recently,” says Andrew Jolliffe, managing director of Ray White Hotels, the agent handling the sale. Buyers have plenty to choose from, and sellers are getting good prices for their sales.
Riversdale bought the Marlborough Hotel in 2012 for $12.2 million, and it’s the most valuable property in the group’s portfolio.
The hotel has been around since 1901 and got its Art Deco update after the original building burnt down in 1940. It’s unknown what a buyer will do with this prime property on the busy corner of King Street and Missenden Road. The Marly generated around $10.8 million in revenue in 2016, but it’s ripe for change. The rooftop has development approval from the local council for a licensed bar.
“You only have to look at some other rooftops like The Republic Hotel in Pitt Street and the Glenmore in The Rocks to [see the value]. Those particular al fresco areas have enjoyed a huge response in terms of new patronage,” says Jolliffe.
Jolliffe says these days it’s tough to get development approval for a rooftop bar, so that will be valuable for buyers. The hotel is also outside of Sydney’s lock-out zone.
The sale campaign is welcoming expressions of interest until March 1, but according to Jolliffe, if the right offer comes before the deadline, he’ll tell his clients to take it.
The Marlborough Hotel was contacted and declined to comment.