Mountbatten Hotel trades for $7.5m

Last month, JDA Hotels seized full control of Sydenham’s General Gordon Hotel.

The Feros family’s JDA Hotels has paid $7.5 million for another inner south Sydney pub.

Vendor, Surfside Hotels, has operated the Mountbatten Hotel at 701 George Street, in Haymarket’s Chinatown, for over 20 years.

Mountbatten Hotel has outside dining.

That group still retains three nearby venues – the Market City Tavern, Star Hotel and Surry Hills Hotel, according to HTL Property’s Dan Dragicevich, who with Sam Handy brokered the off-market deal.

JDA also holds assets in the pocket – the Great Southern Bar and Charlie Chan’s Hotel.

Last month it acquired full control of the General Gordon Hotel, in Sydenham, about six kilometres south of Haymarket.

The Feros family also own two Gold Coast pubs.

Five years ago, with White & Partners, the group sold Mascot’s Tennyson Hotel to Justin Hemmes’ Merivale Group for $37.05m – a $12m rise on the price it paid the year earlier, before obtaining a redevelopment permit.

Today we reported ALE Property Group sold four hotels – three in Queensland – for a total of $25.96m (story continues below).

The Mountbatten Hotel has a TAB and 25 electronic gambling machines.

Mountbatten Hotel

Surfside Hotels chief executive Carolyn Kelly said the Mountbatten complemented its portfolio of local assets.

“As such it gives me great comfort to know that another group so heavily invested already within the precinct, are taking the keys and will no doubt continue to serve the local community well,” the executive added.

The Haymarket property has a 3am liquor licence and 25 electronic gambling machines.

Mr Dragicevich said that while it is ranked #490 in a Liquor & Gaming NSW list measuring revenue, it was in the top 200 prior to the 2015 closure of George St to construct the light rail.

“The Chinatown precinct is notoriously tightly held, and consequently very keenly sought after by the market for its intrinsic fundaments,” according to the agent.

“We were inundated with enquiry…and the result is a testament to Surfside’s successful asset stewardship”.

Share or Recommend article

Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco