By Andrew Starke
A sense of cautious optimism appears to be returning to the Sydney pub sector with a number of high-profile sales at auction this past week (May 31 – Jun 4).
The Peakhust Inn sold yesterday (Jun 3) for $10.6 million to a consortium led by John Singleton, the investment bank Lazard Carnegie Wylie and the hotel group Riversdale.
Landmark Leisure, which owned the Vegas Hotel and Mansions Hotel in King Cross, the Oxford Hotel in Darlinghurst and the Peakhurst Inn, was placed in the hands of receiver Ferrier Hodgson in June last year by lender BankWest.
The Collaroy Beach Hotel also changed hands with a syndicate led by hotelier Ashton Waugh acquiring the northern beaches property for $7.5 million, $4.5 million below the previous sale price.
The property, which was owned by publican Brian Adams for many years, went into receivership in March.
The Grand Hotel in Wyong sold for $3.7 million to an unknown investor.
Metro Commercial sold the Phoenix Hotel in Woollahra prior to its auction for an undisclosed price, believed to be about $4 million, but the Merton Estate Hotel in Rozelle was passed in and is now on the market at about $2 million.
The group also has the Belgian Beer Café on the market for $3.75 million.