Laundy family buys back into Wollongong
The Cabbage Tree Hotel, north of Wollongong, has traded to a partnership comprising its operators, Brad and Corrina Young, Nick Tindall and the Laundy family.
The $11 million freehold and leasehold sale marks a return to the region for Laundy Hotels, which nine years ago sold three venues – the North Wollongong Hotel, Balgownie Hotel and The Charles Hotel – to the now ASX-listed Endeavour Group.
JLL’s Ben McDonald and Kate MacDonald brokered the latest transaction off-market.
The vendor was Mike Courtney’s M & R Courtney Super Fund.
The deal comes five months since Oscars Hotels sold Paddy Coughlan’s Ludlow Group Cringila’s Five Islands Hotel – just south of Wollongong – for $20.7m.
In September, the Hampton family offloaded Windang’s Lake Illawarra Hotel – about 10 kilometres south of the Five Islands, after 36 years.
Earlier this year Laundy Hotels, with Nick and Justine Tindall and Fraser Short, acquired Evans Heads’ Lennox Hotel, for $40m.
Cabbage Tree Hotel
Also known as The Patch, the Cabbage Tree Hotel occupies a 4740 square metre site at 73 Princes Highway, Fairy Meadow.
With a bistro, function room and beer garden, it offers 15 electronic gambling machine entitlements (story continues below).
There is also TAB betting.
“The transaction highlights the underlying strength of investor appetite for hotel assets that exhibit compelling investment credentials located outside the Sydney metropolitan market,” Mr McDonald said.
“The new ownership structure will see a re-stapling of the freehold and leasehold interests for the first time in decades which is set to unlock the significant potential of the asset,” he added.
The Youngs also operate Nowra pubs, the Postman’s Tavern and Bomaderry Hotel.
Laundy heads to the coast
The Cabbage Tree acquisition comes a week since we reported the Laundy Hotels offloaded Orange’s Hotel Canobolas, which it held in a partnership, for over $24m.
Last month, the family spent $38m – believed to be a record price for a NSW Central Coast pub – for Woy Woy’s Bay View.
Also this quarter, the group paid Event Hotels and Management $28m for the Rydges Bankstown, west of Sydney.
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