By Clyde Mooney – editor Australian Hotelier
The current owners of a top gaming venue in Sydney’s west leased to Australia’s biggest publican have put the property to market.
Fairfield’s Cambridge Tavern is up for sale, boasting amongst other benefits a lease to the hotel operator division of Australian Leisure & Hospitality Group (ALH) until 2058.
Around 20 per cent of the State’s Top 50 gaming venues fall within the Fairfield City Council municipality and the Cambridge is a mainstay that will likely be hotly contested amongst savvy investors.
“As well as the 5800m² of prime commercial land, the landlord also enjoys ownership of the hotel licence and valuable 30 poker machine licences," said Andrew Jolliffe, NSW managing director for Ray White Hotels (RWH), which has been appointed exclusive agent.
Jolliffe previously managed ALH’s record 2012 acquisition of 32 pubs from several Sydney operators, including Laundy Hotel Group.
He told TheShout that owning a pub leased to ALH has proven ‘hands-off’ appeal, with landlords benefiting from a tenant that consistently injects financial and human capital for sustainable profit.
The Cambridge Tavern last traded in 2007 for approximately $45 million.
The Expressions of Interest campaign closes May 22, 2014.