Gallagher family sells its longest-held pub
The Gallagher family has sold another pub.
North Sydney’s Union Hotel is collecting $20 million from John Azar’s The Good Beer Company.
The vendor, another operator, held it 20 years.
JLL Hotels & Hospitality’s John Musca and Ben McDonald were the agents.
On the same day the property traded, the Gallaghers sold Ryde’s Royal Hotel for $37m to professional rugby player turned publican Bill Young.
Both campaigns were off-market.
Good Beer Co boosts North Sydney presence
In 2019, Good Beer acquired the Commodore Hotel at McMahons Point – not far from the Union – for $18.5m (story continues below).
Its stable also includes Surry Hills’ KB Hotel
Five months ago, Mr Azar sold Randwick’s Duke of Gloucester to Justin Hemmes’ Merivale for $32.2m and Paddington’s Four in Hand ($8.25m).
Mr Musca described the Union Hotel as a Pacific Highway landmark.
On 784 square metres, the venue contains 1200 sqm of lettable area over two floors – configured with three bars, a restaurant, function room and offices.
It also offers 21 Poker Machine Entitlements.
“It’s the longest held hotel in the family and we leave with feelings of ambivalence, sad to leave friends but looking forward to new ventures,” Patrick Gallagher said.
The agent added “with the easing of COVID hotel trade restrictions surrounding nightclubs, singing, dancing, weddings and funerals on March 30th, the sales momentum continues unabated across swathes of the pub asset class with transactions reaching liquidity levels not seen in over 15 years”.
