Salmons divest west Sydney pub
With the recent purchase of Chatswood’s Chelsea Hotel for $30.5 million, Coho Property director Rod Salmon and his son, Nate, have sold the Rydalmere Tavern, near Parramatta.
The vendors will be in the black following the swap, according to sources, with the value of the Rydalmere property alone – c3106 square metres at the south west corner of Victoria Road and Euston Street – speculated to circle $34.5m.
Including rent from a large format retail component on the upper floor, the property earns over $400,000 per annum net.
Andrew Lazarus is the buyer in a deal believed to have been negotiated from August.
JLL’s Ben McDonald and John Musca were the agents.
Rydalmere Tavern
The Rydalmere Tavern was created out of adjoining commercial buildings five years ago, with a restaurant, bar and gaming room containing 26 electronic gambling machines.
It was also recently permitted to trade longer hours: from 6am – 4am, Monday to Saturday (story continues below).
Any sale comes 13 months since Mr Lazarus paid the Stanford family $70m for the Vineyard Hotel, on 7.7 hectares in Sydney’s outer west.
In May, the publican banked a speculated $40m selling Newcastle’s Merewether Beach Hotel to a syndicate led by Glenn Piper.
The Salmons, meanwhile, are planning to renovate the Chelsea Hotel, making better use of a second storey and creating a beer garden.
Rod, 63, once held a larger pub portfolio including, in western Sydney, Crown Hotel Parramatta and a Homebush venue purchased seven years before the 2000 Olympics.
The developer was also behind a mixed-use project with 300 apartments at Gladesville.
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