Petersham pub sold after revamp
Australian Venue Co has bought the freehold going concern to the White Cockatoo Hotel at Petersham from Ray Reilly who has operated it since 2017.
The three level building on 700 square metres at 30 Terminus Street, on the north west corner of Railway Street, cost $17 million.
The freehold set the publican’s Reilly Group back $6.5m.
Another $3m was recently spent on improving the operation and renovating the building, opposite Petersham station.
AVC is co-investing for the leasehold with an institution, speculated to be Charter Hall, which will hold the freehold.
White Cockatoo Hotel
With a bar, bistro, beer garden, eight electronic gambling machine licences (which will be sold by Reilly Group separately) and 19 guest suites, weekly revenue at the White Cockatoo Hotel exceeds $125,000 (continues below).
An operator’s potential annual income would be over $400,000, marketing material said.
“Ray, Rene and their team have built an extraordinary business,” JLL’s Kate Macdonald, said.
“The White Cockatoo exemplifies the type of community-focused, food and beverage-led venue that is becoming increasingly popular in the modern pub market,” according to the executive.
“This acquisition represents a significant opco-propco partnership structure, with the business and freehold interest acquired simultaneously by separate parties working in collaboration,” she added.
Petersham is about six kilometres south west of Sydney’s CBD.
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