Waugh snares North Sydney pub off-market
John Azar has sold North Sydney’s Union Hotel on his second attempt.
The publican is breaking even on the deal, banking c$20 million, sources say – what his Good Beer Company paid the Gallagher family in early 2021.
Ashton Waugh is the buyer; via Watering Hole Hotels he now holds 15 venues, all in New South Wales.
Mr Azar unsuccessfully tried to divest two years ago.
With the latest off-market deal, GBC has quit the pocket – after in mid-2023 selling McMahon Point’s Commodore Hotel to Glenn Piper for $29m – a $10.5m profit in four years.
It still holds a significant portfolio including in the CBD, the Coronation Hotel and Edinburgh Castle.
Union sells again
On 784 square metres at 271 Pacific Highway, on the corner of West Street, also the Waverton boundary, the Union generates annual revenue of $5.6m including from a Paul Kelly-themed gaming room with 26 electronic gambling machines. There is 1200 sqm of area over two floors; the agents said the upstairs space could be better configured for events. The asset also carries a midnight liquor licence.
“The North Sydney CBD is experiencing unprecedented and significant growth, driven by a combination of government investment, planned infrastructure and strong private development interest seeking to accommodate an additional 6,000 residents and 20,000 workers over the next decade,” HTL Property’ Sam Handy, who brokered the sale with Dan Dragicevich and Andrew Jolliffe, said.
“As such, the macro investment fundamentals for an incoming hotelier are incredibly attractive, particularly considering there are only seven pubs within the North Sydney CBD servicing this already voluminous and growing local population” he added.
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