Sydney publicans Ray Reilly and Adrian Guest have bought the Art Deco New Ivanhoe Hotel, in Blackheath, in the Blue Mountains.
The freehold business for the 1930s site is expected to trade for nearly $6 million.
The seller, Kerry Ray, has operated it since 1975 – for the first year as a lease.
She was portrayed by Kate MacDonald of JLL and Mike Wheatley of Knight Frank.
End of an era
Covering 1,500 square meters, the Great Western Highway venue features 14 guest suites and a bottle shop – one of two within a 10km radius.
There are also eight electronic slot machines and a manager’s residence.
The place is licensed until 3am.
“The highly competitive sale process demonstrates the continued investment desire for long-standing family assets backed by strong business fundamentals,” Ms. MacDonald said.
“Kerrie and her family have been exceptional caretakers and we are proud to have helped pass the baton to true publicans who will respect the legacy of the Ray family,” Wheatley added.
Tourist hotel sells
Meanwhile in Queanbeyan, zoned New South Wales and about 15 miles east of Canberra, the Tourist Hotel (pictured, top) has sold for C$15million to a consortium believed to include Arthur and Stu Laundy, Sean O’Hara, Nick Quinn, Lee Green and Sam Cruikshank.
It was the area’s first pub sale in a decade, according to Blake Edwards and Dan Dragicevich of HTL Property, who represented the seller, developer Steve Bartlett (story continues below).
The asset includes 18 suites, a bar, a beer garden, a bistro and a games room with 16 electronic slot machines.
It can serve alcohol until 3am.
The island extends over 1928 m² near a municipal car park with 200 spaces.
‘Queanbeyan is a particularly desirable pub locality due to its large population and relatively low number of pubs,’ the officers said.
“[This is] a particularly pronounced statistic if you include the demographics of the nation’s capital, Canberra, which is home to over 370,000 people and, due to state law, has no pubs running slot machines “, they added.
“In addition to the favorable ratio of pubs per capita, the Canberra-Queanbeyan Statistical Area has one of the highest per capita incomes in the country due to the large share of public sector employment,” according to officers. .
Buyers also recently bought the Manning River Hotel in Taree and the Thomas Blamey Tavern in Wagga Wagga.
“Queanbeyan is an obviously high performance gaming area and the pubs are proportionally tightly held; therefore, we expected a strong response,” Mr. Edwards said.
“Buyer activity remains strong for premium assets,” according to the agent.
Mr. Dragicevich added that “the dynamism, positivity and very deliberate activity of industry paragons remains a strong feature of the domestic hotel market landscape.”
Subscribe to our newsletter at the bottom of this page.
Share or recommend the article