By James Atkinson

Redcape Hotel Group has purchased Belrose Hotel on Sydney's northern beaches from the Bayfield family in a transaction reportedly valued at around $23 million.

Bayfield Hotel Group managing director Wayne Bayfield confirmed the sale of the hotel today in an interview with TheShout.

The selling agent, Ray White Hotels managing director Andrew Jolliffe, said the large format pub was totally transformed by the Bayfields family about two years ago, and boasts state of the art front and back of house facilities.

"The Belrose Hotel is a near perfect example of a future-proofed large format suburban hotel freehold, enjoying multiple revenue streams, ample parking and high barriers to entry for proximate competition."

"In terms of asset size and quality, The Belrose Hotel at over one hectare in land dimension mirrors that of the recent sales of both The Watson's Bay Hotel, and Caringbah Inn." 

The deal means Bayfields Liquor Superstore at Belrose Hotel will be rebranded as Liquor Stax, bringing to 20 the number of stores added by the banner group under its new deal with Redcape[continues below]

Belrose Hotel

Jolliffe said the latest sale brings hotel transactions through Ray White's office to in excess of $200 million over the past few months.

"Liquidity in debt markets has undoubtedly returned, and in fact has represented over $120 million worth of the recent $200 million worth of freehold transactions."

"This, coupled with the sustained downward pressure on interest rates, means more transactions will occur in the first half of 2013, and the cyclic repositioning of the hotel industry is well on the track to recovery."

For pubs currently on the market, check TheShout’s new Pub Sales page.

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The Shout Team

The leading online news service for Australia's beer, wine, spirits and hospitality industries.

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