Botany View pub sold
The big news around the traps is that Newtown's Botany View Hotel has been snapped up for $6 million.
The hotel was owned by the Murphy family for 26 years.
Enter prominent publican Paddy Coughlin who has been acquiring hotels in the inner west starting with he highly successful Lord Gladstone in Chippendale, and more recently his restored Lady Hampshire, nearby in Camperdown.
The Botany View takes up two levels and comes with extended trading hours, and an upstairs beer garden licensed until 2am that is likely to become a magnet for devotees to the area.
And no doubt Coughlin will do something with it. He has been known for his clever promotions. Like for example changing the name of the Lord Gladstone to the Lord Turnbull in support of the ‘Abbottsolutely Hopeless’ campaign to oust the former Prime Minister.
CBRE NSW director Sam Handy and national director Daniel Dragicevich handled the sale of the Botany View.
Handy said it represented a real opportunity on King Street.
"We've seen a real shift in the last couple of years with a lot of Newtown locals gravitating towards the southern end of King Street and recent pub acquisitions by savvy operators such as Ray Reilly's Sydney Park Hotel and Justin Hemmes' Queen Victoria Hotel, tends to add weight to this migration trend," Mr Handy told the Sydney Morning Herald.
CBRE national director Daniel Dragicevich said inner city hotels like the Botany View were now attracting investors recognising the opportunity.
He said CBRE had sold two inner city food and beverage pubs – the Sydney Park Hotel in Newtown and the Trinity Bar in Surry Hills. And a third one is close to be finalised.
"This appears to be a national trend shared across the states as our agents in Melbourne, Brisbane and Perth have also reported an increase in inquiry across the food and beverage segment," Mr Dragicevich told the Sydney Morning Herald.
by Leon Gettler, January 27th 2017
