Operators trade historic North Sydney Hotel
The North Sydney Hotel – on a site operated as a pub since 1890 – has traded between husband-and-wife operators.
Athol and Lee Davis are banking $28 million for the freehold going concern held nearly 30 years.
The buyers are Kent and Desley Walker.
The pair’s Lesday Hotel Group owns about a dozen pubs across Sydney and Wollongong.
In 2024, it paid $35m for the Captain Cook Hotel at Botany.
Opposite North Sydney Oval
On 1201 square metres at 292 Miller Street, the North Sydney Hotel was developed in 1926.
Annual revenue is over $6.5m derived from a bar, bistro and gaming room with 25 electronic gambling machines (continues below).
There are also 12 recently renovated accommodation rooms.
The site is also configured with a drive-through bottle shop which could be converted to a beer garden.
“A much-loved local treasure, the North Sydney Hotel is a truly rare venue, underpinned by a substantial underlying real estate and licence holding, especially strong accommodation trade, and a unique leafy vista directly across the drawcard North Sydney Oval and surrounding parklands,” HTL Property’s Dan Dragicevich, said.
Co-agent Andrew Jolliffe added the new Metro rail had increased predominantly daytime foot traffic in North Sydney, complementing the “vertical residential dwelling explosion” in the area and underpinning hospitality visitation opportunities.
The sale was brokered off-market.
Also today realestatesource.com.au is reporting Universal Music is eyeing the South Bondi Hotel, formerly Noah’s Backpackers, at Bondi, for its maiden Australian UMusic Hotel.
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