Iris Capital continues its acquisitive streak, purchasing the Wisemans Inn off Sydney-based hotelier Bill Young.

The large-format hotel sits on 5100sqm land holding, with views of the idyllic Wisemans Ferry waterway has been owned by Young Hotels for nearly 20 years.

The off-market sale was negotiated by HTL Property’s Andrew Jolliffe and Dan Dragicevich.

“Recent development plans for considerable private investment in Wisemans Ferry and the surrounding area, including the extraordinary $150m Wisemans Surf Lodge, are illustrative of the capacity for Sydney fringe assets to enjoy significant incremental revenue inflows,” stated Jolliffe.

“Our client has been closely managing its portfolio of hotels, actioning as many acquisitions as it has divestments, and is typical of our broader client base which continues to be agile.”

“Separately, and on the buy-side, Sam Arnaout’s Iris Capital has demonstrated a deliberate approach to augmenting a balance sheet which now includes significant residential tower developments, traditional and accommodation hotels, casinos and multiple agricultural investments.”

Both buyer and seller have been active in the pub property market of late, with Young having acquired Bar Broadway in Sydney’s CBD for $36m. Iris Capital – among acquisitions and developments in other categories – bought three pubs and two accommodation hotels in the Northern Territory.

According to HTL Property, the hospitality indexed property has recorded the highest number of sales by both volume and dollar value quantum in 2022.

“Consolidated sales will comfortably exceed $2bn nationally this calendar year, and our assessment of the transaction-based look through to December is prosperous for all industry stakeholders,”stated Dragicevich.

The Wisemans Inn – located a 45-minute drive north-west of Sydney CBD – is almost 200 years old, having been established in 1827. The hotel’s offer includes public bar and bistro, 11 accommodation rooms, large beer garden and kid’s play area, as well as the Cobham Hall Museum, which preserves a few of the original rooms built on the property in 1826.

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