This article is from the Australian Property Journal archive
LANTERN Hotel Group has sold the site occupied by the Five Dock Hotel bottleshop in Sydney’s inner west for $5 million.
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The bottleshop land is a small portion of the total Five Dock property.
Lantern will continue to own and operate the Five Dock Hotel as normal and will continue to operate the bottleshop business under a short-term leaseback lease.
The sale will result in a circa $2.5 million gain. The net proceeds from sale will be used to pay down the group’s main finance facility.
At the same time, Lantern has agreed to acquire a smaller parcel of land and its building adjacent to the Five Dock Hotel on the other side of the existing bottleshop for $0.63 million. The acquisition will allow Lantern to extend the Five Dock Hotel footprint.
Australian Property Journal
