Justin Small of Small Pubs has bought the freehold of the Botany View Hotel in Newtown, in a deal brokered by JLL Hotels & Hospitality Group, having already bought the leasehold in December 2019.
The hotel is located at the St Peters end of King Street and boasts two trading levels including a popular rooftop garden, 12 gaming machine entitlements, commercial kitchen, dining room and bottle shop.
The vendor approached JLL Hotels to present a bespoke divestment strategy, which culminated in the freehold sale reflecting a bullish sub five per cent initial yield on net passing income.
“This particular off-market transaction has played out in the precise way we had hoped, and in a shorter time frame than expected” said JLL Hotels Vice President, Kate MacDonald.
“Our aim was to deliver an outcome in line with our vendor’s goals which meant maintaining flexibility in the transaction process whilst maximising the overall exit price.”
Justin Small of ‘Small Pubs’ was understandably thrilled with the acquisition, saying: “Despite the Government-mandated trading restrictions imposed over the past 12 months, we have really enjoyed our tenancy at the pub.
“Securing the freehold has always been the final piece of the puzzle and we are relieved and excited to have achieved this result.”
The sale is the latest in a number of Sydney city fringe sales by JLL including the jointly appointed sale of the Old Fitzroy Hotel in Woolloomooloo, the Frisco Hotel in Woolloomooloo, the Four in Hand Hotel and Olympic Hotel in Paddington, Forresters Hotel in Surry Hills, the Native Rose Hotel in Rozelle, and East Village Hotel in Darlinghurst.