By James Atkinson
The Grand Hotel in Rockdale has sold to private interests, after 35 years of ownership by the Grant family.
JLL Hotels & Hospitality Group today announced it had sold the pub, which is located in one of the state’s strongest gaming locales and consistently ranks amongst the best gaming hotels in Sydney.
The hotel is strategically located within the commercial/retail heart of Rockdale, across the road from the train station and surrounded by several large council car parks. It features a 24 hour liquor licence and 30 gaming machines with only 15 currently in the smoking solution.
“The Grand Hotel represented one of the most anticipated Sydney gaming pub opportunities over the last five years,” commented JLL’s vice president of Investment Sales, Sam Handy, who negotiated the sale.
“Assets such as this are seldom publicly offered to market and this was reflected in a keenly contested process which yielded five offers to purchase.”
“The market has recognised that there is a diminishing availability of Top 50 Sydney gaming pubs with irreplaceable locational business drivers such as those demonstrated by the Grand Hotel.”
The sale price was undisclosed but industry sources indicated a price of around $25 million, ranking it alongside JLL's other gaming pub transactions this year, including the Vegas Hotel ($25.12m), Palms Hotel ($22.5m), Wiley Park Hotel ($15.5m) and the Crest Hotel ($19.2m).
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