Fifth generation Sydney hotelier Edward Ryan has purchased Topikos, one of only a handful of beachfront hotels located on Sydney’s iconic Bondi Beach.
Despite a competitive on-market process, the multi-faceted hotel operation was sold to Ryan by national brokerage agency HTL Property, led by Andrew Jolliffe, Dan Dragicevich and Xavier Plunkett. Without revealing the sale price achieved, HTL Property advised that it was in line with market guidance provided throughout the campaign run.
“I’ve worked within and alongside my extended family in the Sydney pub market for a number of years, and look forward to continuing to do so regarding this exciting opportunity,” commented Ryan.
“Living locally, my whole life provides me with a good perspective on where there might exist market gaps we’d like to explore, and I look forward to doing so given the solid platform the current management team have created at the hotel over a number of years.”
Topikos, occupying a super-prime position on Campbell Parade, is a contemporary Greek taverna that balances a menu of Mediterranean food with an Australian influence. Since its opening in 2022, the venue has satisfied consumers who are looking for a taste of Greece on the world-famous Bondi Beach strip.
“Bondi Hotels are particularly rare beasts numbering only four in total, and both are consequently and unsurprisingly tightly held as a result,” advised Jolliffe, HTL Property’s Managing Director.
“As such, the on-market process run was very active, and speaks to the recent surge of interest in hospitality business assets which lend themselves to more favourable return metrics than other investments might in this asset class.”
Speaking of the successful purchase, HTL Property National Pubs Director Dragicevich said: “We’re delighted with the outcome for our valued clients, and look forward to continuing the positive market momentum in the form of other sale processes we have been retained to manage, including both the iconic Landsdowne Hotel in central Sydney and Roma’s Royal Hotel in central Queensland.”