Former Wallabies front rower and now pub veteran Bill Young has scored a hit in Sydney’s burgeoning tech hub by snapping up popular Broadway bar, formerly known as Sutherlands Hotel, in downtown Chippendale.
The sale price, which is a whopping $30 million, covers the lease and freehold of the long-standing two-story store, located on the prime corner of 2 Broadway.
The property has a long history as a Tooth and Co pub and has been known over the years as the Westminster Hotel, Guys & Dolls Hotel, Sutherlands Hotel and most recently Bar Broadway.
Young’s purchase comes with a 24-hour hotel license with 28 slot machines, a bar and two 36-bed accommodation levels. Another possibility to develop two additional upper floors, which would bring the number of beds to 63, is also available.
The property was sold by John Musca, Managing Director of JLL Hotels, Ben McDonald, Senior Vice President, and Mike Wheatley, Director of Knight Frank, on behalf of long-time sellers, one of whom is retiring and has other commercial interests.
McDonald said the pub’s proximity to the Central Park development, Sydney’s new ‘Silicon Valley’ and Chinatown demonstrates the ‘unabated thirst for capital for this highly protected intrinsically valuable asset class’.
He said Atlassian, Dexus, TOGA and Frasers are all campaigning for the precinct, with the NSW government also spending almost $1 billion to modernize Central Station – Sydney’s largest transport hub.
“Well located pubs will deliver continued earnings growth unlike any other real estate or business sector,” added McDonald.
The sale comes as the agents sell the iconic Oaks Hotel in Neutral Bay at a price of $175 million, making it the biggest deal for the industry. A range of pub moguls from Arthur Laundy and Justin Hemmes to big operators including Charter Hall and MA Financial, which owns Byron Bay Pub, are all likely to rule the pub.
https://www.smh.com.au/business/companies/wallaby-legend-scores-new-deal-with-bar-broadway-20220810-p5b8tn.html?ref=rss&utm_medium=rss&utm_source=rss_business The wallaby legend signs a new deal with Bar Broadway