Publicans this week snapped up two inner city hotels in deals worth a total of c$19 million.
In Woolloomooloo, Wayne Group is paying a speculated $10.5m for the historic O’Malley’s Hotel – a block from Kings Cross’ Coke sign.
The four storey property with a 24 hour liquor licence has 15 electronic gambling machines.
There are also 15 guest suites.
The 967 square metre site, at the north west corner of William and Brougham streets, has development upside – the zoning allows for a c15 metre structure.
It is the first metropolitan Sydney hotel for the buyer, directed by father and son Peter and Robert Wayne.
The pair also hold the Royal Hotel at Springwood, in the Blue Mountains.
O’Malley’s was offered by HTL’s Daniel Dragicevich, Sam Handy and Andrew Jolliffe on behalf of KPMG as Receiver and Manager, which took control in March.
The former operator paid c$9.5m in 2005.
The venue ceased trading last December – a month before local lock-out laws were lifted, allowing pubs in the area to serve alcohol until 3:30am (for seven years prior, this time was set at 1:30am).
Reilly family buy The London
Meanwhile at Balmain, Reilly Group is paying c$8.5m for The London Hotel (story continues below).
The vendor, the Stevens family, picked it up from the Cooper family – of Cooper Brewing – in 1989.
A renovation was undertaken during the country’s 2020 lockdown.
At 234 Darling St, on the south east corner of Jane, the c1857 building occupies a 396 sqm block.
The venue contains two bars, kitchen and dining facilities and a disused manager’s residence.
With 15 EGM entitlements, it has traded non-stop for 151 years.
JLL Hotels & Hospitality’s Ben McDonald brokered the off-market deal.
“By reputation, The London is certainly one of those inner-city drawcard hospitality institutions that many seem to have a fond affiliation with,” the agent said.
“It’s authentic, pristine condition is a testament to the private owners who have played a big part in the Balmain community”.
Elsewhere in Sydney, the Ray Reilly company operates Newtown’s Sydney Park Hotel and White Cockatoo in Petersham.
It owns but leases out Marrickville’s The Henson and, in the NSW Highlands, the Sutton Forrest Inn.
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