One of the crucial well-known institutions on Newtown’s King Avenue is providing consumers an unmissable alternative.
The 784sqm property available on the market is dwelling to the Holey Moley golf membership bar, which has operated out of 387 King Street since 2017.
For decades, 387 King Street was home to the Sandringham Hotel, a significant piece of Sydney music history. It was the venue that launched some of Australia’s most famous 1990s bands including the Whitlams, Frenzal Rhomb and Nick Cave.
‘The Sando’, renamed the Newtown Social Club in 2012, closed its door as a live music venue in April 2017.
Colliers International’s Joseph Lin said the building is expected to be popular with a diverse groups of buyers looking to cash in on its location near a popular vegan food scene and several other bars.
“With an current lodge license, we anticipate this chance will probably be enticing to traders, land financial institution builders or publicans,” he mentioned.
The potential purchaser will have the ability to purchase the location with Holey Moley holding a present tenancy settlement that sees them pay roughly $245,000 every year in lease, with yearly rental will increase of three per cent.
The constructing options twin road frontage, a small out of doors space, industrial kitchen and is at present configured into an 18-hole putt-putt course, cocktail bar and restaurant space.
Colliers Worldwide’s Jackson Wray mentioned the distributors choice to promote was a part of a pre-COVID-19 plan to consolidate their portfolio.
“Given present, optimistic market sentiment, they have been eager to place the property available on the market,” he mentioned.
The Newtown venue is considered one of 20 websites Holey Moley operates from throughout Australia, New Zealand and Singapore.