AVC near doubles Perth portfolio
Australian Venue Co has added nine pubs to its Perth portfolio.
In one negotiation, it has snared all seven venues held by Ark Group including, in the city, Durty Nelly’s and Generous Squire (both at 397 Murray Street) and Market Grounds (10 Telethon Avenue).
Scarborough’s Galway Hooker, The Peach Pitt and Scarborough Beach Bar also form part of that deal as does the 750-capacity Bassendean Hotel, near Perth Airport.
The deal comes six months since AVC, with Hotel Property Investors, snapped up the entire portfolio – eight South Australian assets – held by veteran operators Adrian and Leon Saturno, known locally as the booze brothers.
That purchase was struck at a 5.4 per cent yield, with HPI to undertake c$30m of renovations before AVC begins 15 year leases (story continues below).
AVC divests two Melbourne pubs
Separately to the Ark deal, AVC is this week picking up the Royal Hotel, in the CBD, and Applecross’ The Raffles.
Struck as an asset swap, the vendor, Colonial Leisure Group will acquire two Melbourne venues – The Vincent, in Albert Park, and O’Connell’s Hotel at South Melbourne (pictured, top). Following settlement next month, AVC will hold 19 Perth pubs.
Subscribe to our newsletter at the bottom of this page.
