This article is from the Australian Property Journal archive
PUB baron Arthur Laundy will set up a new HQ in Sydney’s North Shore for his pub empire, splashing out $33 million for the Aristocrat building.
The sale of the four-storey Lane Cove building, which has 4,096 sqm of net lettable area and on a 1,880 sqm corner site with parking for 113 cars, was brokered by Chris Hartigan of Hartigan Bolt and Tyler Talbot of Knight Frank on behalf of Property Bank Australia.
It features modern office space with plenty of natural light and an open floor plan and is surrounded by the Lane Cove Plaza shopping district,
Laundy Hotel Group has been looking for a new head office to accommodate its growing team and will move its staff into one of the floors at 71 Longueville Road.
“Laundy Hotel Group is very excited to take the reins of such a unique building on a gateway site to one of Sydney’s best suburbs,” Nick Tindall of Laundy Hotel Group said.
“The location and amenity of our new head office will assist in our drive to attract the best and brightest candidates to our business operations.”
Laundy Hotels is fresh from buying out Sydney Collective’s Fraser Short’s share of their decade-long joint venture for an estimated $150 million. Venues in the portfolio include Watsons Bay Boutique Hotel, Park House Mona Vale, Northies at Cronulla, Lennox Head Hotel, Illawong Hotel and The Farm at Byron Bay.
Talbot said that despite the challenging market, 71 Longueville Road was “highly sought after and the result demonstrates the continued strong demand for quality boutique assets in the sub-$50 million range”.
Property Bank Australia acquired 17 office buildings across the Melbourne and Sydney office markets following the GFC, and this sale leaves just one of those assets remaining. 71 Longueville Road had been owned by the group for almost 10 years.
Recent sales for the group included 51 Berry Street, North Sydney which was sold to a Hong Kong Buyer in 2022 for $66.3 million and 53 Berry Street, North Sydney which sold to the Lederer Group the year prior for $54 million.
