PUB baron Arthur Laundy has teamed up with hospitality entrepreneur Aaron Crinis to buy Redfern’s famed Woolpack Hotel – the Laundy family’s second acquisition in a fortnight.
Vendors Geordie Clark and James Henty had owned and operated the popular hospitality property for 12 years.
The inner-city freehold hotel was put to market via a public EOI campaign via agents HTL Property’s Dan Dragicevich, Sam Handy and Andrew Jolliffe.
The agents did not disclose the latest transaction price.
The price has changed hands only a handful of times over the past two decades, in 2009 it sold for $3.2 million and in 1996 it fetched $2.8 million.
The agents said the pub attracted multiple offers from local and interstate buyers.
“Like O’Malley’s, the Hollywood and Strand hotels respectively, this multi-level city fringe freehold attracted huge footfall in terms of interest; the consequence of which resulted in a handful of selected parties battling it out for the prize at the end of the process.” Handy said.
Henty added: “We have more than enjoyed our time at the helm of this exciting business, and in doing so have witnessed Redfern’s growth as a compelling Sydney suburb in which to operate a significant business.”
This is the Laundy family’s second pub buy in a fortnight after it acquired the Springvale Heights Tavern in Albury for $22 million, in a consortium with the O’Hara and Cruikshank families.
“We’re always looking for opportunities to buy unique hotel assets and to partner with good operators who, in concert with what we have learned during our time in the industry, can combine with us to extract whatever upside might be inherent and available,” Laundy said.
The sale of the Woolpack Hotel is HTL Property’s seventh in the past week, highlighting the strong interest in pubs.
“Notwithstanding having already curated the sale of $150m worth of assets only two weeks into this financial year, our submission is that there exists an abundance of very determined hospitality-indexed property intenders wrestling with unsatisfied capital deployment objectives.” Dragicevich said.
The pubs investment market shows no signs of slowing, recent deals include the Foresters Beer and Music Hall in Collingwood, Eumundi’s acquisition of the Court House Hotel on NSW’s far north coast for $6 million and the sale of the Harrington Hotel by the Nixon family after 23 years of ownership, for around $15 million.
As well as sales of the Railway Hotel in Parkes NSW, O’Malley’s in Woolloomooloo, the $54.5 million record breaking sale of the All Seasons Resort Hotel in Bendigo, VIC and the Anglers Rest Hotel in Brooklyn, NSW.
While agents JLL alone have transacted more than $750 million in pub assets for the year, including the recent record breaking sale of the Great Northern Hotel in Byron Bay for $80 million.