Gallagher Hotels has sold the Chelsea Hotel in Chatswood for $30.5 million.
The freehold going concern was sold to an undisclosed party, after ownership by the Gallaghers for four years.
Chelsea Hotel is one of only three pubs with EGMs in the area, and sits opposite the entrance to Chatswood Station. The hotel offer comprises 30 EGMs, bistro, bistro bar and public bar. It also received recent DA approval for a beer garden deck. In addition, the hotel recently received council approval to extend the trading hours from 1am to 4am, only waiting on final ILGA application approval.
The EOI campaign for the pub was steered by JLL’s John Musca and Ben McDonald. During the sales campaign, the managing director noted the strength of the Chelsea Hotel within the Chatswood area.
“There are only two other hotels in Chatswood, with the Orchard Hotel consistently ranking in the Top 20 in the state and the Monkey Bar also ranking within the Top 100. Both of these hotels are also multi-level strata offerings like the Chelsea and demonstrate that the density of the commercial, residential and retail population in the immediate Chatswood precinct is the ultimate perennial business driver,” stated Musca.
Gallagher Hotels acquired the hotel in 2018 off Solotel, noting at the time its development opportunities within the gaming and F&B revenue streams.
The sale of the Chelsea Hotel follows soon after the group’s acquisition of another northern Sydney pub, the Longueville Hotel in Lane Cove. The Gallaghers paid roughly $50 million for the pub that has been owned and operated by the Campion family for three generations, since 1929.
Gallagher Hotels were contacted for comment but did not respond by time of publication.