Redfern’s Hotel Hacienda hits market with $20 million price tag

A well-known hotel in Sydney’s inner-city suburb of Redfern has been listed for sale with price expectations in the mid $20 million range.

Hotel Hacienda, located at 179 Cleveland Street, is being offered via an Expressions of Interest campaign run by Knight Frank and Adam Charles.

The five-storey commercial freehold boasts a building area of approximately 1,800 square metres on a 506 square metre site.

Demi Carigliano from Knight Frank said the property’s prime location is expected to attract significant interest from private investors and hotel operators.

“This is a quality investment offering in a high-exposure location in Sydney’s inner fringe, just three kilometres from the CBD,” he said.

The hotel comprises 63 studio rooms, one two-bedroom apartment, a ground floor Mexican-themed restaurant, rooftop terrace and basement parking for 12 cars.

It also holds a 24-hour on-site liquor licence.

A $2 million refurbishment was completed in 2021, upgrading various aspects of the property.

Adam Bodon of Adam Charles highlighted the potential for future development, noting the unused rooftop space with CBD skyline views.

“The building’s rooftop, which has stunning CBD skyline views, remains unused, providing an opportunity to add value immediately,” he said.

Bodon added that the mixed-use zoning allows for alternate uses such as co-living spaces or residential apartments.

The property’s proximity to major transport hubs, universities and emerging precincts like Central Park and Atlassian Tech Central is expected to drive interest.

According to the agents, Sydney’s hotel market has seen a resurgence over the past 18 months, with Hotel Hacienda well-positioned to capitalise on growing room rates.

The Expressions of Interest campaign for Hotel Hacienda will close at 4pm AEST on Thursday, September 19.