Australian Rugby legend scores Bar Broadway

JLL Hotels & Hospitality Group in conjunction with Knight Frank announces the sale of the highly sought-after Bar Broadway, Chippendale following an intensely competitive Expression of Interest process.

The sale brought together the freehold and leasehold interests of the hotel for the first time in nearly two decades, unlocking the restapled value for the purchaser Australian Wallabies Rugby legend and prominent hotelier, Bill Young.

Situated on the doorstep of Sydney’s new Tech Central Precinct, Bar Broadway is set to capitalise on the enormous growth potential of the area with over 250,000sqm of new office space in the pipeline, creating 25,000 innovation jobs in the process. Atlassian, Dexus, TOGA and Frasers are all committed to the precinct with the NSW Government also spending close to $1 billion on upgrading Central Station - Sydney’s largest transport interchange. The transformative precinct trajectory is unsurpassed in the greater Sydney CBD area.

JLL Hotels Managing Director, John Musca, Senior Vice President Ben McDonald and Knight Frank Director Mike Wheatley facilitated the transaction on behalf of long-term vendors who are both exiting the industry to retire and pursue other commercial interests.

When asked about the sale, JLL Hotels Senior Vice President, Ben McDonald highlighted the unparallel location of the asset as being the key driver of interest in the campaign. “The compelling precinct growth story and resultant demand for this asset, further demonstrates the unabated capital appetite for this highly protected, intrinsically valuable asset-class where the
very best located assets deliver perpetual earnings growth unlike any other real estate or business sector”.

The sale follows the recent announcement of the famous Oaks Hotel in Neutral Bay being offered to market for the first time ever by the private owners. Price expectations are circa $175 million with rumours of strong interest from some significant national family investment houses. With over $400 million of hotel assets recently sold or being finalised, JLL Hotels reports the greatest period of industry consolidation in history which is expected to leave limited hotel assets in individual private hands nationally, as larger groups continue to voraciously absorb hotels in a market with limited asset supply.

JLL Hotels & Hospitality Group, 10^th August 2022