Laundy family to sell five pubs
The group, which has already sold other pubs to Woolworths and bought a stake last year in the popular Watsons Bay Hotel, said the deal was part of a continuing restructure of the business.
In the latest sale, the Laundy family is bringing to the market five freehold pubs - the Charing Cross Hotel in Waverley, the Cat and Fiddle in Balmain, the Gary Owen in Rozelle, the Crown and Anchor in Newcastle and the William Hotel in East Sydney.
The marketing agents are Andrew Jolliffe, Gerry Quinlan and Mike Wheatley.
Mr Jolliffe said the hotels were all situated on main roads and operating in established suburbs.
"This is the first time a suite of sub-$10 million [each] assets of this quality have been brought to market to be sold individually or in one line," Mr Jolliffe said.
Frequently Asked Questions about this Article…
The Laundy family has put five Sydney pubs on the market — the Charing Cross Hotel (Waverley), the Cat and Fiddle (Balmain), the Gary Owen (Rozelle), the Crown and Anchor (Newcastle) and the William Hotel (East Sydney) — and is looking to raise about $30 million from the sales.
Yes. The five pubs being marketed by the Laundy family are offered as freehold pubs, meaning the land and buildings are included in the sale.
The family says the pubs are ‘non-core’ to its plans and the sale is part of a continuing restructure of the business.
The marketing agents named for the sale are Andrew Jolliffe, Gerry Quinlan and Mike Wheatley.
According to the marketing agents, the suite of sub-$10 million assets has been brought to market to be sold either individually or in one line, giving buyers flexibility.
The agents say the hotels are all on main roads and operating in established suburbs. The sale is notable as the first time a group of sub-$10 million assets of this quality has been offered to market in this way.
Yes. The group has previously sold other pubs to Woolworths and last year bought a stake in the popular Watsons Bay Hotel.
Everyday investors interested in hospitality property should note this is a strategic restructure by the Laundy family and that the assets are freehold, centrally located pubs being marketed individually or together. Investors should follow the marketing agents for sale details and conduct their own due diligence on income, tenancy and redevelopment potential before considering a bid.
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