Woolworths, Laundy buy Caringbah pub

A new consortium comprising Woolworths and hotel industry veteran Arthur Laundy has made its first property play – in south Sydney.

The pair are paying c$40 million for the Caringbah Inn, at 343 Port Hacking Road – which includes electronic gambling machines and strong food and beverage earnings.

A bottle shop is expected to be rebranded Dan Murphys.

The pub will be held in a portfolio of about 30 assets, worth a total $500m.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of realestatesource.com.au.