- Newtown pub, Botany View Hotel, was recently listed by JLL Hotels & Hospitality Group as a freehold.
- It is not the first pub deal for the year, a $31M deal earlier this month went to Engadine Tavern.
- The industry was shaken up during COVID, with some leasehold terms now stretched to 40 years.
Local haunt Botany View Hotel is on the market again following a failed freehold sales campaign in 2019.
The pub came into the national spotlight this year after street artist Scottie Marsh painted “Captain Cooked” on the pub wall, a mural of Prime Minister Scott Morrison with references to his commentary on Australia Day and cricket.
COVID restrictions didn’t worry investors, one tavern making owners 39% in capital gains this year.
The Financial Review’s Larry Schlesinger reported The Engadine Tavern, an hour away from Sydney, was acquired by White & Partners in 2018 for $22.3M, selling this year for $31M.
Last year was rounded out with a record pub sale, Mr Schlesinger reporting a $45M deal for Narwee Hotel in southern Sydney.
A host of other deals were also made in December said Mr Schelsinger:
“The deal topped the $43 million paid in August by the De Angelis family for the Macquarie Tavern in the Liverpool CBD. It adds to a string of notable pub sales in the past three weeks, including acquisitions by Merivale, Moelis, and ASX-listed players Redcape and Hotel Property Investments totalling more than $150 million.”
The property is expected to fetch well into eight figures.
