The Laundy family has returned to the Wollongong region with the acquisition of the Cabbage Tree Hotel in Fairy Meadow.
The off-market deal managed by JLL Hotels & Hospitality Group sees a syndicate of hoteliers including the Laundy family and current operators Brad & Corrina Young take ownership of the pub.
The purchase marks the return of the Laundy family to the Wollongong region after their sale of their North Wollongong, Balgownie and Charles Hotel leasehold portfolio to ALH Group a number of years ago.
Brad and Corrina Young’s growing hospitality interests also include the Postman’s Tavern in Nowra and the Bomaderry Hotel.
The Cabbage Tree Hotel is around three kilometres north of the Wollongong CBD, and sits on a prominent 4,740sqm site on the Princes Highway. The purchase includes the hotel licence and 15 gaming machine entitlements.
JLL said the transaction highlights the underlying investor appetite for hotel assets with compelling investment credentials located outside the Sydney metropolitan market.
“Sincere congratulations to our vendor and long-term private owner who is set to exit the asset after 40 years of ownership – an incredible investment journey by any measure,” JLL said. “We also warmly congratulate the purchasers.”