MARKET MOVES NSW DESCRIPTION
VENDOR/ PURCHASER
AGENCY
SALE $
The Cross Roads Hotel, Casula
The Sydney hotel icon operates with an expansive blend of food, beverage, accommodation and gaming revenues and occupies a powerful corner site in the fastest growing LGA in NSW. The modern pub, on 9000 square metres is opposite the Lake Macquarie Square shopping centre, was sold for the first time in more than two decades by owner-operators Paul Crosbie and Bob Warren. The deal reflects a 5.4 per cent capitalisation rate. Situated on the south west intersection of Lawson, long time occupier Surf Dive n’Ski rents 85 per cent of the two storey, 558 sqm building, on a lease expiring in five years. Based on the asset’s annual net income ($614,537) the sale price reflects a sub 4.4pc yield. Sydney Developer and pub owner Ken McCourt has purchased the Imperial Hotel from brothers John and Joshua Murphy who paid only $3.3million for it less than 3 years ago. The Maitland Riverside Plaza in the Hunter Valley has been purchased with a yield of 5.9% by shopping centre developers and investors Rick Abrahams and Harold Marshbaum. The shopping centre sits on 12,625 square meters and comprises 18 specialty shops such as Aldi, Kmart and Best & Less. Coombes Property Group has added this industrial site to its portfolio CPG paid almost $3400 per square metre for a 7435 square metre site in one of Sydney’s most tightly held industrial precincts. The heritage-listed NSW Trustee & Guardian building in Sydney’s CBD has been acquired by Lendlease’s Australian Prime Property Fund Commercial for $93.5million. The building has been home to NSW Trustee and Guardian since 1942. The Caves Beach Hotel has been sold for a record price in the Newcastle region. Set on Mawson Close, the double storey asset abuts 39 multi-level guest cabins to the north and overlooks Caves Beach. Fund Manager Harvest Hotels has purchased the Victoria Hotel in a transaction that has set a national record for a regional or country pub. The building is a multi-level gaming venue is located at 55 Bayliss Street Wagga Wagga. The Howlong Hotel has been sold in an off-market transaction. The pub was sold to regional publican Adam Drabarek on behalf of Andrew and Bernadette Kelly who have owned and operated the venue for more than 17 years. The Earlwood Hotel has been sold by agent HTL property on behalf of well-renowned hotelier Kent Walker following a short EOI campaign. The multi-storey hotel sits on an 825sqm. This 15,066 sqm industrial warehouse has been sold off market setting a record low yield at 3.6%. Loftex has almost doubled their money since they acquired the site in 2019. This high profile Sydney Childcare centre on 1139 sqm was sold with a low yield of 4.25%. It is secured by a 10 year lease until 2031 plus options with 3% annual rental increases. The iconic lower north shore pub was sold by 15-year owners Redcape to the Karellas family. The 3,344sqm two-level strata property possesses gaming facilities, an adjoining bottle shop, and holds a licence for operation until 4am, making it a prime, quality hotel asset. This 10,027sqm building has been recently refurbished, and an 82% occupancy is expected to rise to 100% by the end of the financial year.
Andrew Jolliffe and Dan Dragicevich of HTTL Property
$160 million
Private
Lake Macquarie Tavern, Mount Hutton
V: Paul Crosbie and Bob Warren P: Don Hodge Group
$33 million
JLL Hotels, Ben McDonald and Moore & Deane Moore
14 Jonson Street, Byron Bay
V: Timperley Family
$14 million
CBRE’s Mark Witheriff, who brokered the property with colleagues Joe Tynan and James Douglas
Imperial Hotel, Singleton
V: John & Joshua Murphy P: Ken McCourt
JLL Hotels’ Ben McDonald and Kate MacDonald
$18.5 million
Maitland Riverside Plaza, Hunter Valley
$46 million
V: Panthera Property Group P: Rick Abrahams and Harold Marshbaum
Private
2-4 Hale Street, Botany
P: Coombes Property Group
Over $25 million
Private
NSW Trustee and Guardian Building, Sydney CBD
P: Lendlease's Australian Prime Property Fund Commercial
Property and Development NSW
$93.5 million
The Caves Beach Hotel, Newcastle
V: Royal Hotels Group / P: Bill and Mario Gravanis' Oscars Hotels V: Waratah Funds Management P: Harvest Hotels
$35 million
HTL Property, Dan Dragicevich and Andrew Jolliffe
Victoria Hotel, Wagga Wagga
JLL Hotels’ Ben McDonald and Moore & Moore Real Estate’s Deane Moore
$29 million
Howlong Hotel, Howlong
V: Andrew and Bernadette Kelly P: Adam Drabarek
JLL Hotels & Hospitality Group, Greg Jeloudev
Undisclosed
The Earlwood Hotel, Earlwood
Circa $46 million
V: Kent Walker P: Orion Hotel Group
HTL’s Andrew Jolliffe, Dan Dragicevich and Sam Handy
5 Yarrawa Street, Prestons
JLL’s Roger Miller and Tony Iuliano.
$58.3 million
V: Loftex P: Pittwater Industrial
$7.1 million
Merrylands Childcare Centre
Private
Burgess Rawson's Michael Vanstone & Michael Gilbert John Musca, Ben McDonald, and Gordon McFadyen, from JLL
$39 million
Minskys Hotel, Cremorne
V: Redcape Hotel Group P: Karellas family and Mitchel Waugh
$210 million
4-6 Bligh Street, Sydney CBD
P: Holdmark Property Group
MRE’s Sam McVay and Rob Sewell, alongside JLL’s James Barber, Simon Storry, and Luke Billiau. The deal was brokered by managing director of JLL Hotels and Hospitality Group, Mark Durran. Savills Hotels' Australia and New Zealand teams, comprised of Joseph Wing and Nick Butler
$530 million
The Hilton Sydney, Sydney CBD
The Hilton Sydney, one of the foremost hotels in the Sydney CBD, has sold in Australia’s biggest single hotel deal.
V: Bright Ruby P: Baring Private Equity Asia
$15 million
The Pottsville Tavern, Pottsville
This NSW north coast asset has been sold by long time owners, the Polglase family. Positioned on a substantial 8000sqm block, the hotel enjoys strong revenues across food, bar, and retail. The Art Deco Merewether Beach Hotel has been sold for a speculated $40 million – a Newcastle-region record pub price.
V: Polglase family
Circa $40 million
Merewether Beach Hotel, Newcastle
V: Andrew Lazarus P: Glenn Piper (with a small syndicate of investors
Private
8 –April / May 2022
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