By Triana O'Keefe- Editor Australian Hoteleir
After almost 15 years of ownership, the O’Hara Group has elected to sell its famous Glebe hotel, The Nags Head, in Sydney's inner west.
Group general manager, Dan O’Hara said the hotel was being sold so the group could focus on balancing its portfolio, including assets in the Wollongong area.
The Nags Head Hotel
The Nags Head was the original hotel to effectively launch the pub group, now comprising of hotels in Sydney’s Western Suburbs, the Wollongong district and various regional centres in NSW.
Exclusive agents Andrew Jolliffe of Ray White Hotels Australia and Gerry Quinlan of Manenti Quinlan and Associates highlighted the strong residential development activity in the Glebe area as being a compelling trait.
"Glebe, like Surry Hills and Alexandria, is enjoying a renaissance of sorts in respect of development investment, and as a consequence this will provide longevity in terms of revenue for all well positioned local businesses," Jolliffe said.
He said the value of the hotel is underpinned by its rare corner site and 18 gaming machine entitlements. Quinlan added that the hotel's proximity to Sydney CBD and the redevelopment of Harold Park will drive interest in the sale.