By Vanessa Cavasinni, editor Australian Hotelier
One of Sydney’s most beloved craft beer pubs, Dove & Olive, has been sold by the Good Beer Company.
After being put on the market in July last year, the Surry Hills stalwart has sold for $11.85 million to an emerging pub group, borne out of the Murphy family. Sonja Murphy, her husband Chris Deale and Rod Taber purchased the craft beer haven.
John Azar, owner of the Good Beer Company, placed the Dove & Olive on the market last year, after beginning the transformation of The DOG Hotel in Randwick. Azar told TheShout at the time that he thought thte Dove & Olive's further growth was "probably a little bit limited in terms of where we want to go and what we want to do,” preferring to focus on the synergy between The DOG as a large craft beer hub, and the Keg & Brew, also in Surry Hills.
While already one of the most popular pubs in Sydney, particularly for fans of craft beer, there is still more room for growth at Dove & Olive, with the prospect of a possible rooftop in future, subject to council approval. While only a short walk from Central station – Sydney’s busiest public transport hub – the construction of a new light rail line through Surry Hills will see trams stop right outside the Dove & Olive once the line is complete.
John Musca, national director of JLL Hotels & Hospitality, handled the sales campaign, suggested that the suburb has become one of the most popular for Sydney hoteliers of late.
“Surry Hills has become the city fringe precinct of choice for Sydney’s premier hospitality operators with residential density combining with the uplift anticipated from the soon to be completed light rail, driving continued hotel interest as seen in the sale of the Columbian Hotel, Gaslight Hotel, Trinity Arms and now the Dove & Olive.”
The CBD also remains active, with the announcement yesterday that Verandah Hotel at Martin Place has been put up for sale by current owner Dean Haritos. The hotel covers 1000sqm, in the heart of the CBD, making it very attractive to seasoned hoteliers. Having fielded many unsolicited enquiries about the venue, Haritos has engaged Andrew Jolliffe of Ray White Hotels to handle the EOI campaign.
With such an active market in the first quarter of 2017, Musca suggests that 2017 is shaping up to be another big year in pub real estate.
“This year has started energetically following on from 2016, where over $800 million worth of hotels transacted nationally, in what was the biggest transactional year for hotels since 2006; albeit in a far more attractive interest rate environment and positively with the entrance of new corporate and private equity sources."