By Clyde Mooney – editor Australian Hotelier
Patrick Gallagher has acquired the iconic Jacksons on George site as a string of Sydney pubs enter and exit the market.
The unfortunate demise of J&J O’Brien saw its famous George St venue put up for sale in July, along with the nearby Belvedere.
Hotel agents Jones Lang LaSalle (JLL) recently sold the Jacksons freehold to Lend Lease for a figure rumoured to be around $23 million, with the Belvedere joining the stable of Oscars Hotels.
Lend Lease, which already owns the adjacent site, promptly leased Jacksons to Patrick Gallagher, who told TheShout he plans to reinvigorate the site to better service the mix of tourist and corporate markets in the area.
“We’re going to have a rooftop garden bar – I think people are looking for more in the way of those, they’re springing up around Sydney – and a more modern nightclub on the first floor, but still retro music.”
Gallagher suggested the ground floor would likely be in the style of his signature Irish bars, with a bistro and outdoor seating. A sports bar and TAB will occupy the lower level.
JJO’s Darling Harbour venues listed for sale
Jones Lang LaSalle has now announced EOI campaigns for JJO’s Darling Harbour stalwarts, The Watershed Hotel and Cohibar, adjacent to the upcoming new billion-dollar Sydney International Exhibition and Convention Centre and high-profile Barangaroo site.
Interest is expected to be very high for the 24-hour multi-level venue with extensive outdoor areas and prominent frontage in what is set to be one of the busiest waterfront districts anywhere.
With massive capital investment and projections of patron traffic in the tens of millions for the Darling Harbour and King St Whart areas, JLL vice president pub investment sales, Sam Handy, believes the sale will likely appeal to “international [investors] seeking an opportunity in a world-class tourist and entertainment precinct”.
Last week JLL also announced the highly anticipated sale of top-ranking gaming venue The Palms.