Publicans seal Sydney asset swap deal
In an unusual pub swap plus cash deal, Barham Hamarashid has secured Bondi Junction’s The Mill from the Kospetas family, with which it this month sold Surry Hills’ historic Evening Star.
The leasehold for the four year old east Sydney venue (pictured, top) is speculated to be worth $4 million.
The Evening Star’s freehold going concern meanwhile, was mooted at c$17m.
JLL’s Ben McDonald and Kate Macdonald brokered both deals.
Also this week we reported the Laundy family acquired The Rocks’ historic Lord Nelson Brewery Hotel.
Publicans have four year itch
The Kospetas family’s Universal Hotels paid TWT Property Group $2m for the 20 year Bondi Junction leasehold in 2020 (story continues below).
Universal was also responsible for the swank fit-out; on the site of the ex-Mill Hill Hotel, the venue forms part of a residential based mixed-use project.
Mr Hamarashid also held the Evening Star four years – after paying Marvan Hotels $12m.
Licensed 24 hours, with 24 electronic gambling machines, that asset is opposite Central station, near three major office developments.
“The attractive…16 year lease term plus well balanced mix of trade via food, beverage and gaming was a drawcard for the private purchaser…who will take over operation in November,” Ms Macdonald said of The Mill.
“The limited number of pubs below $10m in Sydney’s east was also a key motivating factor behind the swift acquisition,” she added.
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