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Two classic Paddington pubs, the Unicorn and Captain Cook, have found new owners

By on August 2, 2021 0

The Unicorn Hotel was sold with a lease in place to Kenny Graham and Jake Smyth’s Mary’s Group, which has operated the venue since 2015.

Also in Paddington, the freehold interest in the Captain Cook Hotel, located opposite where Sydney’s new football stadium is being built, was sold for $ 10.5 million to a private union associated with the current tenant, CCH Events.

CCH Events is led by Peter Scott, director of the accounting firm Talbots, and Benjamin Horne, director of Aqua Law. The seller was well-known Sydney real estate investment company Matthew Lepouris.

The four-level corner building at 162 Flinders Street features 15 slot machines, 18 hotel rooms, an entertainment room, and a two-bedroom apartment for the manager.

The sale was negotiated by JLL Managing Director John Musca.

Mr Musca said the weight of capital seeking investment in ads would continue to generate an “extraordinary period of transactional activity” after his company sold more than $ 600 million worth of ads in the first half of 2021.

“The difference to the unfortunate COVID restrictions this time around is that many hoteliers will now understand from experience what pop commerce can look like once the restrictions are relaxed, and are therefore comfortable, if not optimistic, about the medium-term business outlook. , although testing as the the current situation is.

Further north-west Sydney, the Richmond Inn changed hands for around $ 12 million, after hoteliers Nick Wills and Simon Tilley added the pokies pub to their Tilley. & Wills Hotel Group, which includes the Buena Vista Hotel in Mosman and the Verandah Bar in the CBD.

Dan Dragicevich and Sam Handy of HTL Property negotiated the sale on behalf of longtime owner Nolnora, a partnership that includes Stephen Turner, Anthony Wright and Barbara Page.

In Armidale in the Northern Tablelands, two top hotels have changed hands, including the famous Whitebull Hotel, which sold for $ 13.25 million, a record for the farming town.

Located in downtown Armidale, the Whitebull was acquired by regional hotelier Jim Knox. The seller was the local Armidale family, the Gurrs. Blake Edwards of HTL Property negotiated the sale.

The main bar inside the Captain Cook hotel.

In the second deal, Roche Group, the private investment firm of Rich Listers Bill and Imelda Roche, paid more than $ 5 million for the Royal
Armidale Hotel. Xavier Plunkett of HTL Property negotiated the sale on behalf of a union of local businessmen.

HTL chief executive Andrew Jolliffe said his agency sold $ 652 million worth of ads in the June quarter and 16 sites in July alone.
“from Tasmania to the Northern Territory”.

He said the value of transactions in pubs was on track to surpass last year’s record $ 1.5 billion.

Adding to the flow of offers, the news site of pubs Pubtic reported that Melbourne’s prominent family, the Zagames, had sold 60-year leases to four of their Victorian hotels for $ 99 million to the Francis family’s IPR hotels, but kept the real estate in full ownership.

The four properties of the Zagame Hotel in Reservoir, Berwick, Ballarat and Boronia will be renamed.

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