This article is from the Australian Property Journal archive
THE Balmain Pub Group has increased its portfolio to five hotels after snapping up Sydney’s renowned Town Hall Hotel for $7 million.
Established in 1879, the Town Hall Hotel features a two-level building with a ground floor bar, bottle shop and upstairs dining area and a second bar. The property benefits from a prime location on the corner of Montague and Darling streets on a prominent 445 sqm site.
CBRE Hotels’ national director Daniel Dragicevich negotiated the sale in conjunction with Knight Frank on behalf of brothers, David and Phillipe Du Maurier.
Dragicevich said the sale was evidence of continued momentum in the Sydney hotel market.
“This sale kicks off what is expected to be another strong year of pub sales, as appetite for quality assets continues amid low borrowing rates and favourable buying conditions for purchasers and long-term owners.
“This transaction also highlights the depth of buyers currently active in the sub-$10 million metropolitan hotel market, reinforcing that market buoyancy is not just limited to the top end of town,” Dragicevich said.
Australian Property Journal
