The Laundy family, in partnership with operators including Aaron Crinis, is paying a speculated $11 million for Redfern’s Woolpack Hotel.
At 229 Chalmers Street, on the north west corner of Wells, the three storey pub was offloaded by Geordie Clark and James Henty who paid $3.2m in 2009.
The 322 square metre block was marketed for its development upside – it could be extended a level to a c15-metre structure.
The business also has potential to be maximised, including from activating the upper floors and a rooftop, and increasing the number of electronic gambling machines from 13.
HTL Property’s Dan Dragicevich, Sam Handy and Andrew Jolliffe said the property is well positioned to capitalise on the nearby 19 hectare Waterloo Estate, which is master-planned for 3000 apartments.
Interest in the hotel came from local and interstate investors, they added.
The deal is the latest in a string of inner south Sydney pubs to trade recently.
In May, the Kospetos family’s Universal Hotels acquired the Newtown Hotel leasehold from Colonial Leisure Group.
Four months ago, the Feros family’s JDA Hotels purchased Haymarket’s Mountbatten Hotel for $7.5m from Surfside Hotels (story continues below).
The Woolpack Hotel derives revenue from food, drinking, gaming and accommodation.
“We have more than enjoyed our time at the helm of this exciting business, and in doing so have witnessed Redfern’s growth as a compelling Sydney suburb in which to operate a significant business,” Mr Henty said.
Laundy Hotels chief Arthur Laundy, who turned 80 in May, added “we’re always looking for opportunities to buy unique hotel assets and to partner with good operators who, in concert with what we have learned during our time in the industry, can combine with us to extract whatever upside might be inherent and available”.
A fortnight ago, the family with Sam Cruikshank and Sean O’Hara paid $22m for the Springdale Heights Tavern, in the Albury suburb of Lavington.
In March the group, with Fraser Short’s Sydney Collective and Nick and Justine Tindall, outlaid c$15m for Evans Head’s Hotel Illawong.
Not long earlier, Laundy Hotels and Mr Short spent $40m on the Lennox Head Tavern, south of Byron Bay.
Late last year the operator and investor committed $35m for the Bidwill Hotel, about 48 kilometres west of Sydney.
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