Merivale has acquired the freehold going concern interest in Leichhardt’s historic Norton’s Irish Pub, for $24 million.
It is the latest inner west venue for the company, which holds Vic on the Park at Marrickville and Queens Hotel in Enmore.
The hospitality group, headed by Justin Hemmes, also owns Rozelle’s 3 Weeds, which will reopen after a renovation this year incorporating Italian restaurant Totti’s.
“It is such a privilege to be part of Sydney’s vibrant inner-west; every suburb has a unique energy and their local pubs play a special role in shaping their culture” Mr Hemmes said.
JLL Hotel & Hospitality’s John Musca and Ben McDonald brokered the Leichhardt deal for publican Peter Walker (story continues below).
Formerly known as Norton’s on Norton, the venue, at the north east corner of Parramatta Road and with a late trading licence, is also expected to be renovated.
Last November Merivale spent $32m on Randwick’s Duke of Gloucester – near other east Sydney pubs in its portfolio, Royal Hotel Bondi, Coogee Pavilion and Hotel Centennial (Woollahra).
Three weeks ago, Mr Hemmes announced plans to open his first hospitality space in Melbourne after paying $43m for the distinctive Tomasetti House in the CBD.
“The [Leichhardt] sale comes on the back of an extraordinary period of capital flow to the sector evidencing over $1 billion of pub hotel sales in F21 to date, with no sign of abatement and with a sense of fervour surrounding the pending ALH Endeavour Group IPO,” Mr Musca said of the sector’s backdrop.