By Clyde Mooney
Australia’s leading ‘holistic’ agent for property and asset sales has announced their arrival in NSW in time for the new financial year.
Ray White Hotels is a new national operation established in March 2010 and forms part of the Ray White Group network, dealing in commercial, rural and private real estate and most recently luxury boats.
The move into NSW is heralded by the sales of the historic Coopers Hotel in fashionable Newtown, and the blue chip Cattle Dog Hotel, in Sydney’s west.
The Coopers Hotel has been on the market for only four weeks, with a considerable number of interested parties looking to strike a deal before the auction on July 14.
The venue is for sale by the Malouf family, which recently purchased the Royal Oak Hotel in Double Bay and are building a new gaming venue in Eastwood.
“This is a high-quality location with a valuable outdoor area not common in Newtown. It is rare these come up,” says Andrew Jolliffe, NSW managing director of Ray White Hotels.
The Blue Cattle Dog Hotel is an icon of St Clair, and a strong opportunity due to its sheer physical size and high yield.
“It hasn’t been to market for more than 10 years and now the owners are looking to capitalise on the contraction of yields that make it such an excellent prospect. The market has not been in a position to pay a suitable price for at least four years,” Jolliffe told TheShout.
“Interestingly, two things have changed this year in the pub and hotel market. Firstly, liquidity has returned to the debt markets and banks are once again seeking new business.
“Also, new money and players to the hospitality market have surfaced, bringing new equity; over $200 million dollars has been invested in the past two months alone, which indicates that the market is highly active and prospects are being sought after.”