The leasehold to Macquarie Fields’ Glenquarie Tavern has sold for a state record $28 million.
Beside the Glenquarie Town Centre shopping centre, with its large car park, the venue was offered for the first time since it was built in 1975, by the Radford and Cullen families.
The result breaks the $20m record set when King Street Wharf’s All Hands Brewing House traded in 2020, the marketing agents said.
The watermark before that was Fairfield’s Cambridge Tavern, which sold for $18m four years ago.
On 5574 square metres, Glenquarie Tavern includes a bar, bistro, bottle shop and two bedroom manager’s residence (story continues below).
There are also 30 electronic gambling machine entitlements.
“This was an incredibly rare opportunity to acquire a family operated Top 100 gaming asset with over 25 years remaining on the lease, including ownership of the…gaming machine entitlements, with passing rent reflecting only 14 per cent of earnings before interest, taxes and depreciation” JLL’s Kate MacDonald said.
Colleague Ben McDonald added demand for hotel product is ongoing this year, despite the rising interest rate backdrop.
“We continue to see astute hoteliers with a long-term investment lens and a keen eye for quality pursue assets at all levels of the transaction curve,” according to the executive.
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