In Sydney, another quirky hotel in the news. 390 Pitt Street, which incorporates Mr B's Hotel, has been placed on the market by James Cowen, Steam Yeung, Joseph Lin and Vince Kernahan of Colliers International - Sydney.
Mr B's Hotel, formerly the Mandarin Club, is part of a seven-storey brick building with office, retail space and hotel accommodation, The Pod Sydney. With a net lettable office area of 3,521 sqm and a site area of 602 sqm, it was internally redeveloped in late 2009 at an estimated cost of $7m. The building is fully leased and being advertised with an income of $3.1 million per annum net.
The home of Mr B’s Hotel has an approved development application for construction of an additional eight levels which will accommodate 142 boutique hotel suites, restaurants/cafes, pub, function room, gym and business centre. Its attractive location includes its close proximity to the World Square shopping centre, George Street trams and the Hyde Park Gardens.
The property last traded at $22 million in June 2007.