By Clyde Mooney, editor Australian Hotelier
The PJ Gallaghers juggernaut rolls on, with news of the purchase of two adjacent venues in Sydney’s southwest.
The Liverpool Hotel and Corner Pub have been marketed as “under-utilised” gaming assets in the centre of a highly lucrative retail environment and between them sport 16 permits and four PMEs.
Speaking exclusively to TheShout, Patrick Gallagher says he is “really excited” about the purchase of the leaseholds.
“It’s not too often you get to purchase an opportunity such as this,” said Gallagher. “There are certainly some synergies in the two venues that currently aren’t being taken advantage of.”
Taking the wheel of the hotels yesterday, Gallagher points to significant work ahead.
“It was great to meet the locals, they were all very friendly.
“There is a fair amount of ‘tidying’ to be done… we won’t necessarily reposition them, but will certainly broaden their appeal, keeping them as traditional pubs.
“They will probably become PJs.”
The venues are believed to have transacted for around $5 million.
The properties were marketed through Jones Lang LaSalle, acting for an ownership syndicate that had leased operations to the Waugh Hotel Group.
JLL noted the “Huge gaming upside”, citing the venues’ performance at below half the LGA average and 70 per cent below Liverpool's best hotels.