The Paddington & Woollahra Revival
Paddington and Woollahra have been popular suburbs for a long time, but they are now going through somewhat of a revival thanks to the choice of new 5 star dining restaurants.
Su Lin Tan from the Australian Financial Review wrote that Paddington and Woollahra are luring homebuyers with “glitzy food fare”. It is no secret that when Westfield opened their doors in August 2004, it really affected trade in the area, but it wasn’t just Paddington and Woollahra that were affected. Double Bay was also a big casualty as was the trade on Oxford Street.
The locals supported Westfield Bondi Junction in a massive way. So much so that in 2005, Westfield Bondi Junction achieved the highest sales internationally for any Westfield centre with revenue of over $750 million.
However, according to Su-Lin Tan, it was the former Sydney Opera House Guillaume a Bennelong chef; Guillaume Brahimi who led the pack with his new bistro at 92 Hargraves Street. He will also lend his culinary skills to the Four in Hand Hotel in Paddington. The Four in Hand Hotel was bought last December for an estimated $8M by publican Mitchell Waugh of Public House Management Group. Guillaume Brahimi is also a part owner.
Public House Management Group has been investing heavily in the area with The Woollahra Hotel and The Royal in Paddington also recently becoming part of their property portfolio. Justin Hemmes recently paid $5.5M for the Paddington Arms and gave it makeover, giving the pub the look and feel he is known for.
Guillaume Brahimi said in the AFR “It is very exciting what is happening in Paddington. It’s is full of people with the right demographics who want a quick meal and a cocktail on a Friday”
It makes perfect sense to have quality dining when you look at the demographics. The fact that 68% of Paddington’s population is between 20 and 59 is ideal for restaurant owners and publicans. Woollahra has 56% of its population between 20 and 59 with the over 60’s representing 26% of the community.
The next hotels in the queue for a makeover are The Light Brigade in Woollahra and The Royal Hotel in Paddington as both these hotels have recently sold.