The large-scale popular Longueville hotel in Sydney’s north has been snapped up by pub mogul Patrick Gallagher for around $50 million, reflecting the insatiable demand for high-quality watering holes.
Known as the “Longy”, it was sold by the Campion family, which through extended family members, has owned and operated the pub for nearly 100 years, taking over on opening in 1929.
The Longueville Hotel has been operated by the same extended family group for almost 100 years.
Sitting on a gateway site at the entry to the revamped Lane Cove Village on Longueville Road, the hotel was originally a Tooth & Co-leased site and offers the usual array of bars, dining and gaming which generates about $160,000 in weekly revenue. There is approval for 15 accommodation rooms on the first floor.
Patrick and Angela Gallagher will add the pub to their stable of large-format, landmark community hotels including the Hunters Hill Hotel and Terrigal Hotel.
The sale is one of the latest in the sector where more than $2 billion in properties changed hands in the year to June 30. Most recently deals have been dominated by family generational sales, which includes the Thomas family selling The Oaks pub in Neutral Bay, with a price tag of about $175 million, after five decades of ownership.
JLL managing director pubs John Musca and senior vice president, Ben McDonald, who sold the Longy, the Bar Broadway in Chippendale for $37 million, and are advising on the Oaks deal, said transaction activity in the asset class is at a “two-decade high nationally.”
An Asian-based fund is another seller testing the market with its Republic Hotel on the corner of Bridge and Pitt streets in the city with price expectations of about $50 million.
Further south in Sydney’s Sutherland Shire, grand old dame the Como Hotel is also for sale by high-profile hotelier brothers Bill and Mario Gravanis of Oscars Hotels.
They bought the four-storey 3000 square metre site on Cremona Road, Como, overlooking the Georges River and recreational parks, in late 2016 for about $5.6 million from businessmen Geoff Dixon and John Singleton’s then Australian Pub Fund. However, it is expected the large-scale Como could fetch in the region of $20 million.
This is an abridged version of an article that first appeared in the SMH. Read the full article here>>>