Well-known Woolloomooloo pub sold in $15m deal

Capital gain

MA Financial’s Redcape has bought the well-known harbourside Frisco Hotel in Woolloomooloo from Queensland-based Sun Group. The price guide was about $15 million.

The heritage-listed Frisco occupies a 304 square metre corner lot at 46 Dowling Street, in Sydney’s historic wharf district. It was built in 1856, largely to serve the dockworkers who worked along wharves at Woolloomooloo.

Redcape, which was once listed on the ASX and is now part of the MA Financial business, has been rearranging its portfolio, which has recently included sale of the South Terrace Hotel in Bankstown to Oscars for $54 million, and purchase of the Entrance Social Club Hotel from Thomas Hotels for $36 million.

Agents on the deal said as evidenced by the recent sales of both the Courthouse Hotel in Newtown and the White Cockatoo in Petersham, “Investor appetite for city-fringe hospitality assets has been exceptionally strong in the first half of the year.”

HTL Property agents Sam Handy and Andrew Jolliffe advised on the Frisco sale.

Servo sales

Peregrine Corporation is testing the market with a trio of service station and convenience retail freehold assets operated under the Viva Energy banner with a value of about $27 million.

The Adelaide-based Shahin family, of which Peregrine is its development arm, is selling the properties separately, with two in NSW and one in South Australia.

Peregrine Corporation retained the freehold real estate as part of its $1.2 billion sale of the On the Run (OTR) business in 2024 to Viva, which is the operator. In February 2025, the family raised about $26 million through the sale of three OTR petrol station sites across Adelaide.

Funds raised will be reallocated across the business. The latest sale includes the assets in Hendon (SA), Hamilton (NSW) and Ropes Crossing (NSW).

In Newcastle, the Hamilton asset at 56 and 66-68 Tudor Street occupies a prominent corner holding within the city’s automotive precinct. The property is underpinned by a 15-year triple net lease through to 2039, with further options extending to 2074. It produces a net income of around $321,368 per annum.

Meanwhile, the Ropes Crossing property in Sydney’s western corridor at 306 Wianamatta Parkway offers a brand-new convenience retail format incorporating a 24/7 drive-through and freestanding car wash. The asset is secured by a 16-year lease through to 2041, with options to 2076, generating about $687,805 per annum in net income.

CBRE’s Raoul Holderhead, Rick Jacobson, Sam Mercuri, Ned Looker and Yosh Mendis have been appointed to sell the portfolio.

Marsden Park deal

Private developer Betterconstruct Pty Ltd has sold a strategic freehold industrial property in the busy Marsden Park precinct for $17.5 million. With the opening of Sydney’s second airport getting closer in the west, more investors are heading to the region and have key industrial assets in their sights.

Sitting on 5784 square metres of land, the 3217-square-metre freeholding property at 12 Delarue Street, comprises a warehouse and office accommodation across two levels.

The transaction was negotiated by Elijah Shakir at ReVest Property Group, who said the result indicates sustained owner-occupier appetite for prime industrial product in Sydney’s tightly held North West Corridor.

Shakir said the $17.5 million result reflects a building rate of $5440 per square metre, which underscores the strength of buyer demand for premium-grade industrial assets in established western Sydney precinct.

Industrious working

Industrious co-working operator has expanded its footprint in Sydney with a new offering in the Macquarie Bank headquarters at 1 Elizabeth Street.

With a launch date of October 1, the offices will be located above the Sydney metro station at Martin Place, marking Industrious’ third Sydney CBD location, after 1 O’Connell Street and 85 Castlereagh Street, which operate under The Great Room banner.

It will occupy 2158 square metres over levels 35 and 36 of the 174-metre tower, which opened in 2024.

Following its acquisition by CBRE Group in 2025, Industrious has continued to scale rapidly globally, recording 52 new signings in 2025, a 58 per cent year-on-year increase.

The company now operates more than 250 locations across 80 cities worldwide, with plans for more than 60 additional openings in 2026.