After almost a decade of operation led by Ged Dore and Trish Larkin, the Salisbury Hotel will pass into the hands of a new owner just before Christmas.
Located in the inner west Sydney suburb of Stanmore, the art deco venue underwent a large-scale refurbishment during Dore and Larkin’s tenure.
“It’s been an amazing journey rebuilding a beautiful classic community hotel that represents the whole community,” Dore commented.
“With, as always, a touch of sadness we wave her goodbye and are happy it has landed in the hands of someone who appreciates her and the community,” he added.
Matthew Sweeney, who also owns and operates O’Brien’s Hotel in Narooma on the NSW South Coast, will be taking over the reins, having purchased the property for $17 million in a sale managed by JLL Hotels & Hospitality group.
JLL senior vice president Kate MacDonald and executive vice president Ben McDonald oversaw the sale, and confirmed that it was one of JLL’s busiest campaigns of the year. The sale indicates that the pub transaction environment is gathering momentum as we enter the final quarter of the calendar year.
“At a time when pubs are facing proposed legislative changes specifically around gaming, the Salisbury attracted great interest from Sydney-based hoteliers and groups given it’s sought-after mix of trade across food and beverage, 15 gaming machines and 20 accommodation rooms averaging in excess of $95,000 per week,” MacDonald explained.
“It’s a fantastic community hotel which the owners have undeniably poured their hearts and souls into, and we wish the purchaser every success in building on the great business and reputation of the pub,” she added.
McDonald highlighted the ongoing resilience of the pub sector despite current economic pressures.
“As we enter what is traditionally one of the busiest periods of transaction activity in the pub sector, we are buoyed by the level of unfulfilled capital still seeking opportunities in the asset class. We look forward to assisting those parties and formally announcing a number of transactions across NSW in the near term,” he concluded.
Matthew – congratulations – it’s a wonderful pub. Now, please please please do not meddle with the chicken schnitzel recipe. It’s the best in Sydney and I regularly travel across the city to enjoy it. TIA.
Hi Matthew – I also love the chicken schnitzel. We should arrange a cheeky tasting night where we compare schnitty experiences and imbibe. I concur with Mr S., a wise man.
Here here! Best scniddy in town. Don’t fix what ain’t broke.