Left to linger for more than three decades, The Terminus Hotel has become an intriguing time capsule. Picture: Brett Patman

The poor old boozer, which has been left to ruins since the 1980s, is covered in ivy outside while inside the watering hole is a rare time capsule that shows a slice of Sydney life from a bygone era.

Now, after a month-long marketing campaign, the long forgotten drinking spot on the corner of Harris and John streets in Pyrmont has sold for “around” $5 million.

But according to selling agents behind the deal, the buyer remains a mystery.

Andrew Jolliffe of Ray White Hotels Australia, co-agent on the pub sale, said the purchaser identified with the significant character of the property and was considering a number of uses for the space, including the reactivation of the licensed premises.

“Not surprisingly, given the wholly compelling opportunity to acquire a piece of real estate so steeped in both history and opportunity, interest came from the key hospitality operators in Australia and also from household names operating in the Asia Pacific,” he said.

“The casual interest shown by the residents of Pyrmont suggests to me that with the right application, the property will enjoy patriotic support and thus a prosperous rebirthing.”

The Terminus Hotel on Harris St in Pyrmont was originally called The Cooper Arms Inn.Source:Supplied

Built in the early 1900s, the hotel was originally called The Cooper’s Arms Inn but took its current name in 1911 in reference to the tram service which terminated on Jones St.

The Terminus Hotel had been owned and kept empty for decades by mysterious property moguls Isaac and Susan Wakil. The elderly reclusive Wakils, who have a vast multi-million dollar portfolio of derelict buildings in some of Sydney’s most expensive neighbourhoods, started selling off their prime sites two years ago. The pair sold off The Terminus Hotel a year ago to developers TWT Auswin.

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Long derided as “land bankers” who profited on tax breaks earned from leaving property vacant, the tide of public opinion appeared to turn for the Wakils in 2014 when the couple suddenly announced plans to sell off $200 million worth of real estate and donate the proceeds to charity.

The Susan and Isaac Wakil Foundation gave an unprecedented $10.8 million gift to Sydney University’s nursing school last year and topped that up with a $35 million donation to the same institution last week. They have also given $1 million to the Sydney Jewish Museum.

A blast from the past: the heritage hotel has been locked in time for decades.Source:News Corp Australia

Steven Tsang of JLL Sales and Investments NSW said the sales team held more than 60 private inspections with hoteliers, developers, owner-occupiers and community groups.

“The fascination with the historic property generated offers from both domestic and offshore groups who were attracted to the mystery surrounding The Terminus Hotel, the Wakil family who were the previous owners, and the opportunity to purchase a Pyrmont icon,” he said.

“Rest assured the property is likely to continue to create conversation and further interest for years to come.”

Before selling up Auswin TWT carved up the sought after site and look set to retain the 2300sq m carpark to the side of the hotel where it plans to develop luxury terraces. The development group is also waiting on approval for a DA to build a mixed-use development nearby at 495 Harris St in Ultimo which will house 210 apartments and ground floor retail and commercial space.

Selling agents said the purchaser identified with the significant character of the Federation property. Picture: Brett Patman

“We are delighted that The Terminus Hotel will be brought back to its former glory by a sympathetic purchaser,” Auswin TWT general manager Stephen Fitzpatrick said.

“Its busy location should guarantee strong patronage as it is surrounded by residential and commercial development and gains high pedestrian passing trade and commuter exposure.”

In its current state the two-storey hotel sits on a 493sq metre block and still has 12 rooms upstairs for pub-style accommodation and most of its original features including the red brick facade, distinct parapet skyline detailing, metal ceilings, ornate floor and tiles plus old signage.