After only twelve months of ownership, The Sydney Collective has sold the Fitzroy Hotel in Sydney’s north-western outskirts.
The hotel in Windsor has been sold to a “highly-regarded Sydney publican” for an undisclosed amount. The Sydney Collective, founded by Fraser Short, purchased the pub in October 2021 in a syndicate with Todd Jacques. This most recent sale was handled again by HTL property’s Sam Handy and Blake Edwards.
“Good portfolio management means we are always looking transact, one way or another, if a compelling deal presents itself to us,” stated Short.
“We see opportunities to expand and contract our portfolio all the time, and HTL presented one such opportunity and we dealt without hesitation.”
The Fitzroy Hotel is situated on a 1,391 sqm landholding in Windsor’s main commercial/retail precinct, close to a Woolworths-anchored shopping centre.
The Windsor and Richmond catchment areas have seen several recent land releases for residential developments, underpinning the region’s strong population growth and demand prospects.
“Our clients sold the Fitzroy Hotel at an attractive premium to book value, and we’re encouraged by the market’s continued capacity to close deals such as this one,” stated Handy.
Bago Tavern sold
Further up north, the Bago Tavern in Wauchope has been sold by long-time owners Peter and Judy Bugden in an off-market deal. The sale was handled by Leonard Bongiovanni of Manenti Quinlan & Associates.
The Mid North Coast hotel is situated on a 4,515 sqm parcel of land and comprises a public bar, bistro, front beer garden, gaming lounge with 5 EGMs, rear beer garden with children’s playground, a 4-bedroom upper-level apartment as well as a free-standing residence.
Bago Tavern was acquired by Glenn Knight who intends to build on the reputation of this much-loved local. Knight owns other pubs in the region, including the Laurieton Hotel and the Exchange Hotel in Taree.
“It was a real pleasure to work with the long-term vendors in realising the value of their asset which they have poured so much love into over the years. It will be exciting guide it into its next chapter,” stated Knight.
Bongiovanni adds: “The demand for quality hotel assets has demonstrated a resilience with purchasers identifying value-add opportunities in strengthening their existing portfolios.”
