By Triana O'Keefe, editor – Australian Hotelier
Sydney publican Tim Condon has purchased his second inner west venue in a matter of weeks, this time from Gallagher Hotel Management.
The acquisition of Le Pub Balmain follows Condon’s recent sale of the Newington Inn to Solotel in a move to release capital for new asset the Roxbury, Glebe.
Due to settle in the first week of March, Condon is planning a refit and rebrand of Le Pub that will reprise its original moniker, Cricketers Arms.
It is the fifth Balmain venue Condon has been involved with over the last 15 years, complementing local gastro pub East Village in his current stable.
“Knowing the market and area exceptionally well was definitely a factor in this decision,” Condon told TheShout.
“The venue is in a great position but may have fallen by the wayside over the last five years.”
Speaking to TheShout, Patrick Gallagher said his group purchased the hotel when selling PJs Drummoyne, as part of a property swap.
“At the time, it came to us with a number of council issues and so it took us some time to resolve these problems. We weren't looking to sell at the time, but Tim and his group expressed interest and as it was in line with our long-term goals so made the decision to sell."
CBRE’s Daniel Dragicevich transacted the sale and believes it is further evidence of Sydney’s strong start to the year.
"This sale is another in a flurry of activity to start 2015. The Sydney market continues to go from strength to strength as well located freehold going concern assets become increasingly tightly held,” he said.
In recent weeks, Dragicevich said CBRE had also brokered the recent sales of Napoleons Hotel Riverwood and the Grand Hotel Bondi Junction to Iris Group, with the three pubs selling off market for a combined price of around $30 million.