Rocks Pub Lease For Sale
Sydney Morning Herald
Monday May 14, 1990
After 16 years in the same ownership - and an outlay of about $4.5 million on interior decorating - the Orient Hotel in The Rocks is about to change hands.
The leasehold is expected to fetch more than $6 million at auction next month.
The three-level hotel is on the corner of George and Argyle streets. It is the only hotel in The Rocks which is licensed until 3am.
The lease from the Sydney Cove Authority runs until June 2008. The basic rental is 7 per cent of gross turnover for six years, and 9 per cent of turnover thereafter.
The pub is grossing between $70,000 and $75,000 a week at present, which is about double plus 10 per cent of what it was taking about three years ago.
The vendor is Rocks Hotels Pty Ltd, which is a syndicate comprising Mr Charles Anscombe, Mr Norm Kingland, Mr Des Jiujni, Mr Ron James, Dr Laurie Coy and Mr Lionel Malone.
Mr Bryan Northcote, who is on a management contract to the hotel, said the hotel would be offered with the management team in place. The team has operated the pub and restaurant for the past three years, including a period in which it underwent extensive renovation.
The interior was devised by Mr Tim Stanfield of Stanfield Design while Howard Tanner and Associates handled the architectural work.
"All the paintwork is classic Victorian which is in line with the style of the pub. It was built as a house in 1844, and the railings are nautical which is in line with the hotel's past," Mr Northcote said.
It was named the Orient in the 1880s after the Orient shipping line, now the P&O line.
The hotel has a cellar with storerooms and coolrooms for bulk and packaged beer. About 10 different beers are served on tap.
The ground level has a public bar, lounge bar and bistro with a courtyard garden called the Marine Bar and Grill - in recognition of the hotel's original name.
A restaurant, cocktail bar and mezzanine area are on the first floor. The second floor houses the recently opened Rhino Club piano bar. There is also some office space on this level. It is fully air-conditioned, has an entertainment licence and all bars can trade until 3am.
About four years ago the hotel was under threat of losing its entertainment and eating licences. This prompted the renovation program, which has proved to be a great success among local business people and tourists.
The leasehold of the Orient will be auctioned by Colliers International on June 20. The sale is being handled by Mr Mike Wheatley.
© 1990 Sydney Morning Herald