Good Beer Co picks up historic Sydney pub
John Azar’s Good Beer Co has bought Sydney’s Edinburgh Castle Hotel a year after the close of an expressions of interest campaign.
The $30 million freehold deal comes two months before a lease to Solotel expires, giving the new owner the chance to restaple for the first time in decades.
The price reflects a 3.22 per cent yield.
“With Sydney CBD’s first Build-to-Rent project and the recent opening of the South Pitt Street Metro Station literally adjacent to the hotel, the trading profile of the business is set to explode in the near term, and we wish the purchaser every success in the future,” JLL’s Ben McDonald, who marketed the asset with Kate MacDonald and James Aroney, said.
Edinburgh Castle Hotel
Developed in 1885 with an upper level room once home to Australian writer and poet, Henry Lawson, and also known as The Eddy, the property rises three storeys at 294 Pitt Street, on the south-east corner or Bathurst (story continues below).
Bruce Solomon’s Solotel relaunched the pub in 2016 but closed it earlier this year; he retains some two dozen venues including Double Bay’s Golden Sheaf.
Licensed to trade until 2am, containing a gaming room with 30 electronic gambling machines, Mr Azar will operate it as Good Beer Co’s fifth venue; the balance of its portfolio is in metropolitan Sydney.
Last May, the publican sold McMahons Point’s The Commodore to Glenn Piper.
The Eddy deal comes two months since receivers offloaded the Republic hotel at the corner of Pitt and Bridge streets, for a major discount on the price Virtical agreed to pay the year earlier.
Subscribe to our newsletter at the bottom of this page.
