Marlow Hotel Group is paying a speculated $12 million for the Camden Hotel, in Sydney’s outer west.
The pub was offered by Garry and Jim McGrath after nearly 16 years.
On a 1352 square metre block in the suburb’s commercial centre, and backing onto a council car park, the Tudor style brick venue at 105 Argyle Street is licensed until 2am.
It also offers 14 electronic gambling machine entitlements.
HTL Property’s Dan Dragicevich and Sam Handy represented the vendors who, via their Sonenco Hotels, still retain pubs in the CBD and North Sydney.
Marlow is directed by Paul Camkin and Estelle Kremer, who also operate the Oaks Hotel at Albion Rail Park, south of Wollongong.
Earlier this week, Home Consortium, for its HealthCo funds, teamed with Acurio Health Group to develop a five hectare medical precinct at Camden with a 78-bed hospital and biomedical facility.
The end value of the project is estimated to be $500m.
The suburb is about 65 kilometres from the CBD (story continues below).
Pub deals keep coming
The Camden Hotel deal comes a day after we reported Charter Hall and Endeavour Group spent $39.8m on Terrey Hills Tavern, in Sydney’s north.
On Tuesday, the Cooee Hotel at St Georges Basins – near Jervis Bay – collected $7.75m for Brisbane publican Michael Lucas and his business partner David Kennewell.
Last week, operator Stephen Hunt outlaid a speculated $15m for the Harrington Hotel, between Newcastle and Port Macquarie.
Also earlier this month, Wayne Group spent a rumoured $10.5m for Woolloomooloo’s O’Malley’s Hotel – near Kings Cross’ Coke sign.
All these deals were brokered by HTL.
“The positive cadence generated by the firm’s multiple sales over the past two weeks speaks to the pulse of the asset class, and our deep affiliation with it,” Mr Dragicevich said.
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