Universal, Sue Cameron swap Sydney pubs
The Kospetas family’s Universal Hotels has sold the leasehold to the the Newtown Hotel (pictured, top) to Sue Cameron in exchange for the Lord Roberts Hotel freehold in Darlinghurst.
The unusual deal has a combined value of c$20 million, according to sources.
It also gives Universal freehold going concern ownership of the Lord Roberts.
A revamp is planned; the two level asset on King St with a bar, bistro and gaming room with 10 electronic gambling machines.
Weekly revenue exceeds $120,000.
There was 16 years left to run on the lease.
JLL’s Kate MacDonald and Greg Jeloudev were the marketing agents.
The deal comes three years since Ms Cameron unsuccessfully tried to sell the freehold to forex trader Adam MacFarlane, for $22.5m.
Universal strikes another swap deal
The Kospetas family has form with this kind of transaction – this deal coming nearly a year since it bought Surry Hills’ Evening Star freehold, from Barham Hamarashid, for a speculated $17m.
In exchange, it swapped the leasehold to Bondi Junction’s The Mill.
That component was speculated to be worth $4m.
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