The Campion family has sold Lane Cove’s landmark Longueville Hotel after 93 years.
The $50 million deal, to another respected pub outfit, Gallagher Hotels, was struck 10 days before the close of an off-market expressions of interest campaign.
At 80 Longueville Road, on the south west corner of Little Street, the property forms a gateway to the Lane Cove Village commercial precinct.
It neighbours Lane Cove Council offices too – at the end of Epping Rd, also the Lane Cove North suburb border.
“It is with a tinge of sadness but immense pride that the family are handing over ‘the Longy’ to such respectful, exemplar custodians as the Gallaghers and we wish them every success,” Graham Campion, who grew up in the building, said.
Able to trade until 3am, and with a catchment of over 40,000, the Longueville Hotel derives over $160,000 in weekly revenue from a bar, restaurant and gaming room with 27 electronic gambling machine entitlements.
Further income could be derived by activating 15 first floor guest suites, improving the entertainment components and repositioning a basement bar, JLL’s John Musca, who marketed the property with Ben McDonald, said.
The upper level is licensed, he added.
“The chance to acquire hotel assets commanding a monopolistic position in strong retail locations are worthy of ‘unicorn status’ and likely to be held by new buyers generationally,” according to Mr McDonald.
The Campions acquired the leasehold from Tooth & Co in 1929, later buying the freehold. Under their control, it has been renovated and extended (story continues below).
Another Lower North Shore pub
Gallaghers is led by Angela and Patrick Gallagher.
The Longueville Hotel purchase come five months since the couple offloaded North Sydney’s Union Hotel to John Azar’s The Good Beer Company, for $20 million.
The vendors held that asset since about 2002.
Also earlier this year, Gallaghers banked $37m from the sale of Ryde’s Royal Hotel to rugby player turned publican Bill Young.
In 2020, Angela and Patrick Gallagher sold the city’s Criterion Hotel leasehold, for c$15m.
The pair also control Chatswood’s Chelsea Hotel and Hunters Hill Hotel – both only a few kilometres from the Longueville Hotel – and the Central Coast’s Terrigal Hotel.
Four years ago, the Gallaghers paid Pelathon Management Group c$6m for the large format Meadowbrook Hotel, in south east Brisbane.
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