Iris Capital offloads Wisemans Inn
Sam Arnaout’s Iris Capital has sold the historic Wisemans Inn Hotel, four years after buying it from former Wallabies player Bill Young.
The property group, which since last year has been focusing on retail, paid $10 million for the freehold going concern.
The property component – 5545 Old Northern Road, Wisemans Ferry – was then registered as $300,000.
Mr Young paid $3.7m for the freehold in 2003.
The deal also includes Cobham Hall, the historic manor of Solomon Wiseman, the convict, merchant and ferryman after whom Wisemans Ferry was named.
The property is about 300 metres from a new 163-bay boat ramp and draws trade from five to six nearby caravan and holiday parks.
Wisemans Ferry Hotel
Near the Hawkesbury River, the Wisemans Ferry site spans 5123 square metres.
The c1827 hotel includes a bar, bistro, bottle shop, five boutique pub rooms and six freestanding motel suites.
There is also a gaming room with TAB facilities and 12 electronic gambling machines.
Annual turnover is c$3.2m (continues below).
The property was marketed for its potential to derive additional income via an extended alfresco dining area, family zones and event spaces.
The incoming owner is speculated to be a local with an association to the venue. The purchase price is as yet unknown.
JLL was the marketing agency.
Iris sells more pubs
The sale comes two months since realestatesource.com.au reported Redcape Hotel Group paid c$500m for a portfolio of Hunter Region pubs.
Mr Arnaout has been broadening his real estate focus beyond pubs and hotels – last May acquiring St Ives Shopping Village and 12 adjoining properties for $450m.
The asset was described as the foundation for a broader scaled retail management platform.
The seller was the Katz family’s EK Nominees.
Iris also just acquired Reef Hotel Casino Cairns for $192.7m.
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