Pub sales in Sydney reaching record heights

Pub sales have hit a combined $140 million in the past two weeks in what agents are calling record prices.

The Tudor Hotel at 90 Pitt Street, Redfern was recently purchased by Universal Hotel chain for around $17 million, which is a record price for the inner-city suburb.

The desire for pubs only seems to be growing stronger, with the Tudor sale being made soon after the sale of the New Victoria Tavern in Wetherill Park for around $60 million to the Nelson Meers Group.

“The sales activity in Redfern in recent times has been remarkable, underscoring the hospitality renaissance of the precinct,” said Dan Dragicevic, national director at HTL Property. 

The past two weeks have seen other deals which include the Tahmoor Inn Hotel in Sydney’s south-west, which was sold to a private syndicate for $40 million by the Murray and Ryan families.

Newtown’s Kuleto sold for $8 million – a deal negotiated by HTL Property’s Sam Handy and Blake Edwards on behalf of long-time owner Donna Asensio, who is retiring after running the business for 42 years.

Windsor’s Fitzroy Hotel was sold by Fraser Short’s Sydney Collective to the Don Hodge Group for $8 million, after owning the pub for only a year.

Record sales “confirm the appetite from investors and pub operators seeking greater exposure to the pub market,” HTL Property managing director, Andrew Jolliffe said.

Jonathan Jackson - 21-11-22