By Vanessa Cavasinni, editor Australian Hotelier
Managing director Nick Wills has added the Town Hall Hotel to the Balmain Pub Group’s portfolio.
Sticking close to home, Wills has swooped on another Balmain hotel, purchasing the Town Hall Hotel from brothers David and Phillipe Du Maurier for $7 million.
The hotel is advantageously situated on the corner of Darling and Montague Streets, with Darling being the main thoroughfare and entertainment hub of the inner western Sydney suburb.
The two-storey hotel includes a bar and bottle shop on the ground floor, with a dining area and a second bar on the first floor. This variety of features made it an attractive purchase for Wills.
“It’s a fantastic building. It’s in a great location, has a good style and has the opportunity for a great balance – it doesn’t rely solely on the bottle shop or food and beverage. There’s still plenty of upside.”
Dan Dragicevich of CBRE Hotels negotiated the sale of the freehold pub, and believes that 2016 will be another strong year for Sydney real estate.
“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.”
The Town Hall Hotel is now the fifth venue in the Balmain Pub Group’s portfolio.