Sydney publicans still have a strong appetite for adding pubs to portfolios, with two more pub sales this week by experienced hoteliers.

Former Wallabies star Bill Young added Bar Broadway in Chippendale, while Ray Riley and Adrian Guest acquired the New Ivanhoe Hotel in Blackheath, with both deals facilitated by JLL Hotels and Knight Frank.

JLL Hotels Managing Director, John Musca, Senior Vice President Ben McDonald and Knight Frank Director Mike Wheatley facilitated the Bar Broadway transaction on behalf of long-term vendors who are both exiting the industry to retire and pursue other commercial interests.

McDonald highlighted the pub’s location as being the key driver of interest in the campaign.

“The compelling precinct growth story and resultant demand for this asset, further demonstrates the unabated capital appetite for this highly protected, intrinsically valuable asset-class where the very best located assets deliver perpetual earnings growth unlike any other real estate or business sector,” he said.

Meanwhile long-term owner of the New Ivanhoe Notel appointed Wheatley and JLL Vice President Kate MacDonald to manage an on-market expression of interest campaign after receiving a number of unsolicited offers.

Multiple bids were submitted for the hotel, which is located on a 1500sqm corner along the Great Western Highway, with Reilly and Guest being the successful parties.

The sale includes a 3am trading approval, eight gaming machines, 14 well-presented accommodation rooms (three with ensuites) a manager’s residence and a small but successful drive-through bottle shop.

JLL’s MacDonald said: “The New Ivanhoe Hotel is a real gem of our industry, and the highly competitive sales process demonstrates the continued investment desire for long-held family assets underpinned by strong trading fundamentals.”

Wheatley added: “Kerrie and her family have been outstanding custodians, and we are proud to have assisted in passing the baton to genuine publicans who will pay respect to the Ray family legacy.”

New to the Mountains, Guest said he is looking forward to a new challenge: “It certainly won’t be easy to fill Kerrie’s shoes, but we’re excited to work with the local community to deliver an enhanced version of the local pub that they already know and love.”

Reflecting on her 47 years in the hotel, Ray said she is looking forward to watching the Ivanhoe move into its next chapter adding: “Thank you to all of the staff and loyal customers over all these years.”

Andy Young

Andy joined Intermedia as Editor of The Shout in 2015, writing news on a daily basis and also writing features for National Liquor News. Now Managing Editor of both The Shout and Bars and Clubs.

Leave a comment

Your email address will not be published. Required fields are marked *