By Clyde Mooney – editor Australian Hotelier
Following J&J O'Brien's slip into receivership in April, the group's four-level Jacksons on George Hotel is now on the market.
Jacksons is for sale as a freehold going concern with a 24-hour, seven day a week licence, 30 gaming machines, TAB and five bars.
The sale campaign is being managed by Jones Lang LaSalle, which recognises the multi-faceted appeal of the iconic venue, likely to attract north of $20 million.
"The site is a prime George Street freehold and is one of few freeholds within the Circular Quay precinct that is not owned by the government or an institution," said Sam Handy, JLL NSW pub investment manager.
"The City of Sydney has adopted specific planning controls for parts of the ADPG Block, which envisage a new city square adjacent to the property. [This] will likely enhance the rental and capital growth potential of surrounding properties within the ADPG Block."
JLL National Director, Pub Investment Sales, John Musca said the venue also offers a potential food and beverage repositioning opportunity.
The sale is being executed through an expressions of interest campaign closing August 15. The future of the remaining JJOs venues – Belvedere Hotel in the CBD, and Cohibar and The Watershed in Darling Harbour – is still in the hands of the receivers.
For more on hotels on the market visit our dedicated Pub Sales page on TheShout.