Clovelly Hotel sold for $34 million
So the Sydney pub real estate market is in overdrive with Sam Arnaout’s Iris Capital selling the popular Clovelly Hotel in the eastern suburbs for $34 million.
It comes in a busy few days of deals, following on from adman John Singleton putting his Icebergs Dining Room and Bar on at Bondi on the market with an expected asking price of $15 million.
Add to that the waterfront pub, the Beach Hotel in Byron Bay, selling for $70 million, acquired by Melbourne’s wealthy Liberman family.
The identity of the buyer of the four level Clovelly has yet to be revealed but Matt Moran and Bruce Solomon will continue to run it.
Jones Lang LaSalle Hotels & Hospitality agent John Musca and Colliers International agent Miron Solomons handled the sale and Muscat said the offer had attracted wide-ranging local, interstate and offshore interest.
The market speculation has it selling on an yield of five per cent.
And Iris Capital has made a tidy profit on it too. According to public records, the group bought the hotel and tavern for $27.2 million in October 2014.
“This was not surprising given the asset profile and the fact that residential property in the area is selling for nearly $28,000 square metres,” Mr Musca told The Australian.
The Clovelly, a heritage listed pub, occupies 1708 square metres at the junction of Clovelly Road.
The Solotel Group, comprising Melbourne publican Bruce Solomon and high-profile TV chef Matt Moran has been operating it since last year.
Built in 1859, the “Cloey” as it is known, boasts 15 pokies, a public bar, beer garden, gaming room and accommodation facilities.
The price might also reflect what’s happening with real estate generally in the area.
The iconic Surry Hills watering hole, The Winery, has just been sold to Lasalle Investment Management Group for $71.2 million.
by Leon Gettler, September 22nd 2017
