Kelly family bank windfall from Brookvale pub
Six years after selling the Brookvale Hotel car park for $15 million – the Kelly family’s Burst has divested the pub for over $40m.
Irvin Hotel Group is the buyer; it is the company’s 14th venue.
On a c2625 square metre site at 511-513 Pittwater Road, with a soon-to-be introduced 30 metre height limit – part of the Brookvale Structure Plan Precinct scheme – the two level asset was marketed for its development upside.
JLL’s John Musca and Ben McDonald were the agents.
Huge windfall
Co-led by Charles Kelly, Burst paid $4.6m for the Brookvale Hotel in August, 1998.
At the time the site spread 6171 sqm.
In 2015, the group obtained a permit to replace the (3456 sqm) car park – 23 Roger Street, on the south east corner of Old Pittwater Rd – with a five storey mixed-use project containing 73 flats and a childcare centre.
The year later, it sold that parcel to Ray Touma’s Development Link, which constructed just that (story continues below).
Brookvale Hotel
The Brookvale Hotel includes two beer gardens, a bar, bistro, bottle shop and 40 car parks.
A gaming room contains 29 electronic gambling machines.
Elsewhere in the area, Irvin Hotel Group, established in 1970 by the late Paul Irvin and now led by his son, Joe, has held the Time & Tide Hotel in Cromer – at the Dee Why border – since paying $7.25m in 2000.
It began investing outside of NSW – but only in Queensland – in 2004.
Three years ago the group picked up Queensland’s Coolangatta Sands Hotel for over $16m.
In 2017, meanwhile, it outlaid $15.6m for the Homestead Tavern at Boondall, 15 kilometres north of Brisbane.
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