Premium pubs snapped up at pre-COVID prices

Premium venues are being sold at pre-COVID prices, giving the commercial arm of the hospitality industry hope that the economy is about to bounce back. 

Last week, the iconic Kinselas Hotel in Taylor Square, Darlinghurst sold for $45 million.

Kinselas was purchased by Moelis Australia, which also bought the Courthouse Hotel for $22 million.

The group has plans for a large pub complex for the inner city Taylor Square precinct.

The Narwee Hotel, a multi-storey property of over 3370 square metres in Sydney’s south, also sold last week for $45 million, while Paddington’s Four in Hand sold last month for $8.25 million.

To round things out, the Bidwill Hotel in outer western Sydney was snapped up by billionaire pub tsar Arthur Laundy for $35 million. 

Billionaire pub baron Justin Hemmes has also been busy.

Hemmes has just bought the Duke of Gloucester for $32 million. 

“There is a buzz and an energy in the air that I haven’t seen since the Sydney Olympics,” Hemmes said. 

“Is business booming? Absolutely not – yet. But people are ready to celebrate.

“It’s so overwhelming because we’ve gone through such a tough time in this pandemic, but to go into the venues, they are buzzing, the energy is incredible and people are celebrating being out again. It’s such a positive, optimistic thing.”

Venue purchases in late 2020, point to a revival of the industry in 2021.

^{Irit Jackson, 16th December 2020}