By Triana O'Keefe, editor Australian Hotelier
Jones Lang LaSalle Hotels and CBRE Hotels have been appointed to offer the ‘freehold-only’ interest in the exclusive Golden Sheaf Hotel Double Bay for sale by expressions of interest.
The Double Bay property has been listed for passive investment with the Solotel Group to stay on as tenants under a 40-year lease with a straight 20-year first term and fixed annual rental growth of three per cent per annum.
CBRE Hotels Director Wayne Bunz told TheShout the listing was a decision made by third generation hotelier and group principle, Bruce Solomon.
The Golden Sheaf, Double Bay
It follows a previous campaign to sell the pub as a freehold going concern, with a reported price tag in the realm of $80 million..
“As a landmark public house, we are confident of a diverse level of interest from traditional eastern suburbs buyers along with other high net worth domestic and international buyers," Bunz said.
As a modern ‘state-of-the-art’ fully integrated hospitality complex, and widely regarded as at the pinnacle of hotel facilities nationally, the Golden Sheaf Hotel occupies a strategic 1669m² underdeveloped site area and will include lessor ownership of the hotel licence and 30 gaming machine entitlements.
“The Solotel covenant, the coveted triple net lease structure and the exceptional underlying commercial property, undoubtedly ranks this passive investment opportunity alongside some of the lowest risk, quality annuity-based investment opportunities of any property asset class nationally or in the financial markets,” said John Musca, JLL Hotels national director.
The international expressions of interest process will close on November 6, 2014.