Fairfax family sells balance of Sydney pub portfolio
Charter Hall and Australian Venue Co have bought two modern, high-profile inner-city Sydney pubs from Amalgamated Hotels, co-controlled by the Fairfax family via Lee Thomas, and operator Bruce Solomon.
A Charter Hall managed fund is paying about $62 million, sources say, for the freeholds to The Clock Hotel at Surry Hills and The Bank Hotel at Newtown.
AVC is tipping in a speculated $30m for the leaseholds.
It will take over the businesses from Mr Solomon’s Solotel.
AVC snaps up two more venues
Amalgamated held The Clock at 470 Crown Street since 2003.
The 607 square metre freehold at the south-east corner of Collins St set it back $9m.
With a bar, bistro and gaming room with 10 electronic gambling machines, generating over c$320,000 weekly revenue, the freehold going concern is believed to be on selling for c$70m.
The Bank, c1880, occupies 558 sqm at 324 King St, beside Newtown train station,
Amalgamated paid $10.14m for the freehold in 2012.
Licensed to trade 24 hours and with a c1000-person capacity, it was marketed as collecting c$170,000 weekly revenue (continues below).
Charter Hall and AVC have acquired several freehold going concerns to split, including in May, with Petersham’s White Cockatoo.
Eight months ago, in a slightly different situation, the asset manager paid c35m for the ex-Rosati restaurant in Melbourne, where AVC was on a lease expiring in 2042 with options.
Portfolio sols-down
The Sydney deals come two weeks since realestatesource.com.au reported Justin Hemmes’ Merivale paid Amalgamated c45m for The Sackville Hotel and an adjoining property at Rozelle – which were listed in May with The Bank and The Clock.
Also that month, Amalgamated sold The Regent Hotel at Kingsford for $42m.
Thomas Hotels was that buyer.
Licensed to trade 24 hours too, it has a gaming room with 30 EGMs.
JLL’s John Musca, Ben McDonald and Kate McDonald marketed The Bank, The Clock and The Sackville Hotel.
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