The landmark Crystal Palace Hotel in Sydney’s southern CBD district of Haymarket, has been sold by leading national agency HTL  Property via a discreet off-market transaction negotiated by leading national pub brokerage agents Dan Dragicevich and Andrew  Jolliffe.

Proudly owned and operated by industry stalwart and highly regarded Jimmy Galanakis for the past 45 years; the prominent  George Street venue is located literally across the road from the burgeoning Central Train Station, and the rapidly developing Tech Central and Central Place precincts - forecast to provide 268,000sqm of commercial space and house 16,000 commercial  employees once complete.

Promoting a valuable 3am Hotel Licence and incorporating early opener privileges, 21 accommodation rooms and 27 gaming machines, the Crystal Palace Hotel has all the key operational fundamentals at its disposal. The stately property also enjoys favourable planning approvals - SP5 Metropolitan Centre zoning, 50 metre height approval; and a 7.5:1 FSR qualification.

The successful purchaser, JDA Hotels, adds to their portfolio of 13 hospitality venues; and which span the Eastern Seaboard  across three states. Locals to the Haymarket area, JDA also operate own and operate three other popular hotels in the suburb;  being the Mountbatten Hotel, Charlie Chan's Bar and the Great Southern Hotel.

“We are very excited to add the Crystal Palace to our portfolio, and in particular so as to enjoy the synergies we believe will be able  to create within a precinct we already know so well” noted JDA Director, John Feros.

“In an increasingly consolidated market the Crystal Palace was a rare opportunity in that it had remained in the hands of a standalone single asset owner for over four decades; and which in and of itself is a testament to not only Mr Galanakis’ stewardship, but also the intrinsic fundamentals of the property and business operations" advised HTL Property  National Director, Dan Dragicevich.

The Crystal Palace Hotel is the second major Sydney freehold sale announcement in the past week by leading national agency  HTL Property, following the boutique firm's announcement regarding the sale of North Sydney's Union Hotel to hotelier Ashton  Waugh.

"I can't immediately recall another hotel so consistently sought after and enquired about in an acquisition sense as was the case  with the Crystal Palace over the past 20 years. As such it remains an absolute honour for HTL to have represented our valued  private client; and in doing so, facilitating another example of a sophisticated capital source aligning its investment objectives with  hard yielding property assets" concluded HTL Property Managing Director, Andrew Jolliffe.

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