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.
Oscars makes it three
Led by brothers Bill and Mario Gravanis, Oscars owns two other pubs in the suburb – the Bankstown Hotel and Sports Hotel (continues below).
Nationally it holds nearly 50 hospitality assets.
JLL’s John Musca and Ben McDonald brokered the latest deal.
Bankstown is about 19 kilometres from town.
The transaction comes a week since we reported Oscars 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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