The purchase of the Bayview Hotel, which was sold by Dan Dragicevich and Andrew Jolliffe of HTL Property, follows recent Laundy purchases of Redfern’s Woolpack Hotel and the Rydges Hotel in Bankstown.
The pub was sold by Gary Narvo, who said: “After a number of decades of fond ownership with my partners, myself and my wife Kerry along with our family, are delighted to hand the reins over to such experienced hoteliers.
“We all look forward to the Laundys taking the hotel into the next chapter of its life.”
Stu Laundy said he was looking forward to working on plans for the Bayview.
“We are very respectful of Gary and his partners who have owned the hotel for 20 years; and look
forward to actioning some key revenue levers we have identified at the hotel,” he said.
“My father and I enjoy a number of very successful joint venture partnerships around NSW, and anticipate another one forming here with a very strong South Sydney Rabbitohs theme taking shape” Laundy added.
“But more about that in due course.”
While the price has not been revealed, Dragicevich said: “We’ve been blessed with the engagement to sell some absolutely thumping Central Coast businesses over the years, but this hugely popular property is one deserving of the region’s top mantle in terms of price achieved.
“Also, the price point and resultant yield is one typically reserved for Sydney metro hotels, however the intrinsic fundamentals of both the hotel and region now warrant comparable realisations.”
Joliffe added: “This sale is emblematic of an established hotel family office transacting deliberately upon an asset with robust trading and market share history, and should serve as a reliable North star for all stakeholders who are a party to the sector.”
The strength of regional pub sales is showing no signs of letting up, with the freehold interest of Barham Hotel in Barham NSW being sold this week by JLL Hotels.
JLL Hotels’ Greg Jeloudev and Kate MacDonald facilitated the off-market transaction on behalf of long term private owners Kent and Vicki Bassett.
Jeloudev said: “The sale of the Barham Hotel reflects strong investor demand for quality regional hotel assets. It has been well documented, with the majority of real estate asset classes, low costs of debt and supply shortages continue to drive capital values. This transaction is no exception.”