You’ve probably heard of Peter Calligeros, assuming that you know the hospitality industry. Well just in case you don’t, he’s a hotel owner in Sydney. His hotel group also owns a few bars such as The Rag & Famish, Albert’s Bar and The Mount Street Terrace Hotel in Sydney North. And he’s recently added another venue to his repertoire spending of $8.5 million on The Trinity Bar in none other than Surry Hills.
But why the big buy? Perhaps it’s the fact that CBRE Hotels national director Daniel Dragicevich reported to have said (that) “Surry Hills’ pub market is booming, with the forthcoming South East Light Rail system set to drive further demand in the area.”
“Surry Hills is experiencing a resurgence in recent times, following various hotels in the area transacting and re-launching – further establishing the suburb as a genuine hospitality destination,” he continued.
There has always been a debate as to whether its better to invest in commercial or residential property, and it continues to divide investors. But as he said, “The only proposed Surry Hills stop is on Devonshire St, in close proximity to the Trinity Bar, which will no doubt greatly assist the long-term profitability outlook of the venue.”
So, perhaps this is the coming of commercial property investment in Surry Hills.
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