Oscars pays $54m for west Sydney hotel
Oscars Group has acquired a south west Sydney pub for $54 million.
The South Terrace Hotel at 280 South Terrace, Bankstown, traded following an off-market approach to Redcape Hospitality.
The property includes a bar, bistro and gaming room with 28 electronic gambling machines.
The 2080 square metre site carries airspace development upside.
It also abuts a council car park.
JLL’s John Musca and Ben McDonald brokered the deal (continues below).
Bankstown is about 19 kilometres from town.
The transaction comes a week since we reported Oscars, led by brothers Bill and Mario Gravanis, sold a portfolio of Tamworth assets to Andrew Turnbull’s IMG Hotels.
In February meanwhile it bought an imposing outgoing Telstra exchange at Kogorah with plans to repurpose it as a large format pub.
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