The red-hot pub market is showing no signs of abating, as one of Sydney’s longest-owned hotels, Pendle Inn, has sold for the first time since it was built in the 1950s.
Located 30kms west of Sydney’s CBD, Pendle Inn is located on a 7564sqm block, opposite the Pendle Hill train station and was sold in an off-market capacity by JLL Hotels’ Ben McDonald and John Musca.
JLL Hotels Senior Vice President, McDonald, said: “It is particularly fulfilling when you can drive great results for respected and long-time industry stakeholders and in doing so, present such a wonderful opportunity for the incoming hotelier.”
The hotel facilities include public bar, bistro, gaming room with 30 gaming machine entitlements, large drive-thru bottleshop, outdoor terraces, accommodation rooms and offers future town centre development scope.
“We have seen over $1.3bn of pub hotel transactions nationally in the last 12 months, with significant activity now emerging in the traditionally tighter-held markets of Melbourne and Adelaide, testament to the resurgent capital prioritisation of the sector,” said JLL Hotels Managing Director Musca.
JLL Hotels declined to comment on the transaction value.