By Clyde Mooney
A high-value freehold hotel has transacted in Sydney's west bringing further positivity to the resurgent hotel real estate market.
The Greystanes Inn boasts significant development opportunity, occupying a sizeable 1.42ha site beside a Woolworths supermarket.
The hotel has been operated for several years by the well-known Thomas family, who also own and operate Neutral Bay’s The Oaks. The property was marketed by Andrew Jolliffe of Ray White Hotels.
Jolliffe told TheShout the large format hotel has a lot of potential for the right incoming operator. [continues below]
"The large format hotel promotes a material surplus land holding, and as such enjoys highly sought after alternate use and development upside.
“[It’s] multi-faceted and double street-fronted, and comprises high quality bar and restaurant offerings, accommodation, a drive-through bottle shop and 30 poker machines.”
Jolliffe said the sale of over $20 million shows that the banks have loosened their cautious grip on the commercial purse strings a little.
"This is the strongest start to a calendar year we have seen for some time, and we wholly expect the positive momentum to continue," he said.
He said the pub's new owners are "a highly experienced Sydney pub family who have around twn high-quality suburban freehold hotels, and who don't ever seek publicity".
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