Bondi pub the Tea Gardens has sold to mystery buyers
The Tea Gardens Hotel in Bondi Junction has sold for $37m despite exchanging in 2006 for $44.7m
Last drinks have been called for the owners of well-known Bondi Junction pub, the Tea Gardens Hotel, which has reportedly sold for $37 million.
But it seems happy hour was still in play for the buyers as the pub last exchanged in 2006 for a more significant $44.7 million.
A private investor has snapped up the eastern suburbs watering hole from Melbourne-based publicans Aussie Leisure Group just days after the four-week expressions of interest closed on May 15 through Andrew Joliffe of Ray White Commercial.
Mr Joliffe has said the eight-year ownership is a “typical” investment cycle time frame, adding that there had been more than 100 inquiries on the listing.
The Tea Gardens pub has changed significantly over several decades
The two-storey heritage-listed pub is on a 805sq m block on Bronte Rd right in the heart of Bondi Junction’s bustling retail hub next to Westfield Shopping Centre.
Known for its grand balcony, the hotel has 30 gaming machines and is a popular hang out for backpackers living in the east.
Originally named the Waverley Tea Gardens Inn, the property was later refurbished with an art deco facade.
In recent years the hotel has been linked to several local disputes including accusations of trading after hours in 2012 and noise violations.
Mr Jolliffe was also behind the sales of the Greenfield Tavern for about $30 million in 2013 and the Caringbah Inn for $44 million in 2012.
Source: news.com.au - 21 May 2014
