This article is from the Australian Property Journal archive
IRIS Capital has capitalised on the strong recent performance of the pubs market in Australia, selling the Clovelly Hotel in Sydney’s eastern suburbs for $34 million.
The four-level hotel sold at a reported record yield of circa 5% to a local investor, and less than three years after Iris Capital acquired it for $27.2 million.
Hospitality identity Matt Moran and business partner Bruce Solomon acquired the operating lease in December on a 20-year deal.
On a 1,708 sqm site, the hotel was built in 1859 has a beer garden, 14 hotel rooms and 15 gaming machines, and basement car parking.
Earlier this week the Impact Investment Group, backed by the wealthy Liberman family, acquired the Beach Hotel in Byron Bay for $70 million, the biggest price tag with a pub so far in 2017.
Sydney’s south-western suburbs saw White & Partners pick up the Allawah Hotel for $34 million earlier this month. Vendors JDA Hotels sold the property whilst retaining an ownership percentage and entering into a management agreement with the new owners.
It came shortly after Arthur Laundy sold off its Bateau Bay Hotel on the state’s central coast for around $13 million, one of 19 venues in New South Wales owned and managed by Laundy Hotels.
The large-format Vic on the Park hotel in Marrickville is currently on marketwith an asking price of around $20 million. The vendor is the Australian Pub Fund, run by former Qantas chief executive Geoff Dixon, advertising identity John Singleton and corporate adviser Mark Carnegie, has sold off multiple pubs recently.
The Premier Hotel in Newcastle has is also on the market. The 1,076 sqm site with development potential, and brings in $3.6 million of annual revenue.
CBRE is marketing the property in conjunction with Moore and Moore Real Estate on behalf of Castle Hotels, which also owns the Junction Hotel and Sunnyside Tavern.
Australian Property Journal
