By James Atkinson
CBRE Hotels will start marketing four high-profile New South Wales pubs in the coming weeks, including the Bristol Retro Arms, which has been listed for sale by Redcape Property Group.
The Bristol Retro Arms is the first asset to be offered by Redcape since its recapitalistion last year by three off-shore hedge funds, led by Goldman Sachs.
The Bristol is a multi-level entertainment offering overlooking Darling Harbour that last changed hands in 2005 for $13.5 million.
CBRE said the sale represents a rare opportunity to acquire a CBD freehold hotel on a large 473 square metre site with floor plates of more than 1200 square metres over four levels. The pub includes eight poker machine entitlements.
Another upcoming listing is the Banjo Paterson Inn at Jindabyne, which is being offered for sale on behalf of well-known publicans Peter Harris and Gary Narvo following their recent purchase of the Lakes Hotel at The Entrance on the NSW Central Coast.
"The hotel offers its own microbrewery as well as a successful adjoining motel and there is future upside via a current DA for a residential redevelopment of the property," said CBRE Hotels associate director Daniel Dragicevich. [continues below]
Bristol Arms Retro Hotel, Sydney
Dragicevich will also be marketing the Swansea Hotel – a newly refurbished pub on the Pacific Highway, south of Newcastle. He said the hotel occupies a large site of 3,235 square metres with spectacular water views and a diversified mix of trade via a gaming lounge, bistro, beer garden, public bar, large TAB outlet, a street front retail tenancy and first floor accommodation.
Meanwhile, The Welcome Hotel in Rozelle, Sydney has been jointly listed for sale through CBRE Hotels and Manenti Quinlan on behalf of corporate insolvency firm Grant Thornton.
A $6.5 million offer was accepted on the pub in March last year, but the transaction did not conclude.
In total, CBRE Hotels said it had sold or placed under contract $40 million in property over the Christmas/New Year period and a further $30 million worth of hotels will be offered to the market in the coming weeks.
"We have certainly noticed a shift in buyers' and sellers' attitudes as well as that of other stakeholders, including banks, who have a renewed appetite to lend on well-located properties with established trading histories," said director Joel Fisher.
"This is expected to aid a continued recovery in the market and underpin a pick-up in sales activity over the next 12 to 24 months."
For pubs currently on the market, check TheShout’s new Pub Sales page.
Click here to sign up to the Pub Sales newsletter.