Wallaby legend signs new deal with Bar Broadway

Bill Young, a former Wallabies front rower turned pub veteran, has had hits at Sydney’s burgeoning tech center and popular bar Broadway in downtown Chippendale, formerly known as the Sutherlands Hotel. I got the

The sale price, in the low $30 million range, covers the leasehold and freehold interest of the long-standing two-story business that occupies part of 2 Broadway.

The property has a long history as a Tooth and Co pub, known over the years as the Westminster Hotel, Guys & Dolls Hotel, Sutherlands Hotel and most recently Bar Broadway.

Bar Broadway has a prime location on the doorstep of Central Park Sydney and close to Tech Central.

Young’s purchase comes with a 24-hour hotel license with 28 slots, a bar and 2 floors of accommodation with 36 beds. There is also an opportunity for him to develop the upper floor with two additional floors, which brings the inventory of beds to 63.

The property was sold on behalf of the long-term vendor by John Muska, Managing Director of JLL Hotels, Ben McDonald, Senior Vice President, and Mike Wheatley, Director of Knight Frank.

McDonald said the pub’s proximity to the Central Park development, Sydney’s new ‘Silicon Valley’ and Chinatown indicates “an undiminished demand for capital for this highly protected and intrinsically valuable asset class.” ing.

He said Atlassian, Dexus, TOGA and Frasers are all committed to the district, with the NSW government spending nearly $1 billion to upgrade Central Station, Sydney’s largest transit interchange. said.

“Well-located pubs deliver lasting revenue growth unlike any other real estate or business sector,” McDonald added.

The sale comes as the agency sells the famous Oaks Hotel in Neutral Bay for a $175 million price tag, making it the largest deal in the segment. From a string of pub moguls such as Arthur Laundy and Justin Hemmes to large operators, including MA Financial, which owns the Charter Hall and Byron Bay pubs, all have the potential to dominate the pubs.

Wallaby legend signs new deal with Bar Broadway

Source link Wallaby legend signs new deal with Bar Broadway

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