Bond Theory were engaged in mid 2021, the scope of which was to undertake a modest refurbishment of all rooms. The budget was a mere $150,000, which included new lighting and blinds, bedding, furniture, paint, as well as basic amenities including smart televisions and mini fridges. Pre-COVID CY19 and CY18 revenue for the Dunkirk's accommodation department achieved $237,733 and $248,149, respectively. In CY19, this was realised with an average occupancy of 71 percent and an average room rate of $77 per night. 

Despite Sydney's second lockdown, in addition to the new boutique accommodation only being advertised for less than 60 days, the new average room rate realised on forward bookings has increased to $128 per night and conservative estimates suggest 80 percent occupancy levels on these forward bookings (post COVID). The increase to the hotel's EBITDA as a result is circa $140,000. From a freehold standpoint, and considering comparable pub assets in NSW, this equates to an increase of almost $2,000,000 to our valuation (at a modest mutiple of 14 X earnings) or for a long term leasehold going concern (17 years or more) an increase to the business' valuation of $850,000 (at a modest mutiple of 6 X earnings). Bond Theory understand the needs of businesses and the markets they intend to target. They are not only talented in design and functionality but efficient and pragmatic with procurement, installation, and return.