The historic Terminus Hotel in Pyrmont has been sold for $5 million to a private developer who plans to breathe life back into the property, which has been dormant for the past 30 years.
It was sold by another private developer, Auswin TWT, which bought it only a year ago from the private Wakil family, which has an extensive property portfolio around Sydney.
Under the mixed-use zoning, the hotel provides an opportunity for multiple bars, dining and accommodation options.
Video: Pat Stevens
Auswin TWT will retain the car park on the south-western side of the hotel, where it plans to develop luxury terraces.
Auswin TWT is also awaiting approval of a DA for an upmarket mixed-use development at nearby 495 Harris Street Ultimo which will contain 210 apartments and ground floor retail-commercial space.
“We are delighted that The Terminus Hotel will be brought back to its former glory by a sympathetic purchaser,” Stephen Fitzpatrick, the general manager of Auswin TWT, said.
“Its busy location should guarantee strong patronage as it is surrounded by residential and commercial development and gains high pedestrian passing trade and commuter exposure.”
The Terminus Hotel main bar. Photo: Steven Siewert
The site was sold by Andrew Jolliffe, of Ray White Hotels Australia, and Steven Tsang and James Aroney, of JLL Sales and Investments NSW.
Mr Jolliffe said the successful purchaser identified with the significant character of the property, and is understood to be considering a number of uses, including the reactivation of the licensed premises.
“Not surprisingly, given the wholly compelling opportunity to acquire a piece of real estate so steeped in both history and opportunity, interest came from the key hospitality operators in Australia and also from household names operating in the Asia Pacific,” Mr Jolliffe said.
“The casual interest shown by the residents of Pyrmont suggests to me that with the right application, the property will enjoy patriotic support and thus a prosperous rebirthing.”
The Terminus Hotel back in the day. Photo: Supplied
Mr Tsang said more than 60 private inspections were conducted with hoteliers, developers, owner-occupiers and community groups.
“The fascination with the historic property generated offers from both domestic and offshore groups who were attracted to the mystery surrounding the Terminus Hotel, the Wakil family who were the previous owners, and the opportunity to purchase a Pyrmont icon,” Mr Tsang said.
The Terminus Hotel is two storeys and sits on a 493-square-metre site. The first level has 12 rooms for pub-style accommodation with shower and restroom facilities.
Built in the early 1900s Federation style, the hotel was originally called The Cooper’s Arms Inn but took its current name in 1911 in reference to the tram service which terminated on Jones Street.
The hotel retains many original features including the red brick facade and the distinct parapet skyline detailing. Despite remaining uninhabited for the past three decades, the interiors maintain the charm of a bygone era with their metal ceilings and ornate floor and wall tiling.