Receiver offloads two Pub Invest assets
Two hotels, part of the Pub Invest portfolio which is being liquidated, have sold.
In the biggest deal, businessman and hospitality sector investor Warren Livingstone is paying $42 million for Parramatta’s Rose & Crown Hotel.
The price for the c1823 two storey asset at 11 Victoria Road reflects a sub six per cent yield.
At the south east corner of Sorrell Street, walking distance to the Parramatta CBD, the property includes a renovated bistro, outdoor dining and sports bar with 30 electronic gambling machines.
It also offers a 24 hour liquor licence.
Mr Livingstone, via Highclere Hospitality Group, holds three other historic Sydney hotels: the c1857 Charing Cross at Waverley, Botany’s c1859 Captain Cook Hotel and c1870 Hyde Park House, in Darlinghurst, which underwent a major renovation four years ago. That company owns East Sydney’s Slims Rooftop too.
The 49 year old businessman established Fanatics – a sports travel business now controlled by Traveltopia – in 1997. He is also the Balmain Rugby Club president.
Pub Invest paid $13.1m for the Rose & Crown in 2014.
Wollongong pub collects $32.5m
Meanwhile, another Sydney hotelier is paying $32.5m, reflecting a sub seven per cent yield, for the Corrimal Hotel (pictured, top), about six kilometres north of Wollongong (story continues below).
Opened in 1901 and renovated four years ago the double storey venue at 286 Princes Highway, Corrimal, includes a bistro, bottle shop and two function rooms.
A sports bar has 23 EGMs.
The site spreads 1750 square metres.
The price reflects an impressive capital gain, with Pub Invest paying the Denmeade family just under $10m for the asset, also known at the time as the Palm Court Hotel, in 2016.
HTL Property’s Daniel Dragicevich and Sam Handy marketed the assets for Andrew McCabe and Joseph Hayes of Wexted Advisors, receiver and manager for the fund, also known as Peak Investments, established by ex-Citibank executive Damian Kelly on behalf of private shareholders.
The North Nowra Tavern, which the the trust acquired for c$13m in 2020, and Crown Hotel in Surry Hills, which set the group back c$26.1m in 2017, will be listed shortly.
Yesterday we reported a consortium led by Lee Green, with Arthur and Stu Laundy, Sam Cruickshank and Sean O’Hara, acquired the Thomas Blamey Tavern at Wagga Wagga for over $26m.
Subscribe to our newsletter at the bottom of this page.
