Moelis Australia Hotel Management has paid $22 million for Darlinghurst’s historic Courthouse Hotel which it will upclass, operate and manage.
At 189 Oxford Street, on the south west corner of Taylor Square and Flinders St – less than 700 metres to Hyde Park – the four level building will be retained by the new Moelis Australia Courthouse Fund.
HTL Property’s Dan Dragicevich, Andrew Jolliffe and Sam Handy brokered the sale.
Adjacent to Darlinghurst Courthouse, the asset has a 24 hour liquor licence over multiple floors, 24 electronic gambling machines and seven unrenovated suites.
Oxford Street will be Sydney’s only 24-hour precinct: agents
“The Courthouse has to be one of the most recognisable pubs in Sydney and having been in the same hands for over 30 years, the uniqueness of the offering attracted significant interest from a broad range of buyer profiles,” Mr Dragicevich said.
“The widely held view is that Oxford St is in for a renaissance in the years to come as astute investment houses and developers seek a foothold in what will be the city’s only 24-hour precinct following the reshaping of the lockout laws” (story continues below).
Big 48 hours for pub sales
Yesterday we reported another ASX listed operator, Redcape, paid $38m for the three storey Gladstone Hotel and two neighbouring bottle shops in Dulwich Hill, about 7.5 kilometres west of town.
Like Courthouse Hotel, that venue – held by Craig Coote since 1977 – is set for a refurbishment.
Also this week Hotel Property Investments outlaid $63.3m for three gaming-based assets including in Queensland, Brisbane’s Mango Hill Tavern (which cost it $31.3m) and near Airlie Beach, Jubilee Tavern ($9.7m) and in Victoria – Summerhill Hotel and an adjoining Chemist Warehouse at 840 Plenty Rd, Reservoir.
These three sales were negotiated by CBRE’s Scott Callow with Cushman & Wakefield’s Nick Spiro and HTL’s Glenn Price and Brent McCarthy.
Late last month Fitzroy Community School acquired the recently closed Dan O’Connell Hotel in Melbourne’s inner-north Carlton.