The largest pub deal in the last decade came to fruition this week when the ACCC approved the sale of around $400m in hotels to a Woolworth’s consortium.
Ray White Hotels brokered the deal, totalling 32 hotels in New South Wales, and says it’s the biggest property transaction in the Ray White Group’s 110 year history.
Today, the ACCC gave the go ahead on six of the hotels totalling approximately
$125m including pubs in Gymea and Toongabbie.
Ray White Hotels director Andrew Jolliffe has been negotiating on behalf of the
vendors for over 12 months. “It’s the largest off-market purchase in pub-landscape history,” Mr Jolliffe said.“It’s certainly the most significant commercial pub acquisition since the Fosters portfolio was purchased by ALH almost a decade ago.”
Brian White, chairman of the Ray White network – the largest property company in Australia, says the sale is a game-changer.“It has the power to re-position the entire Ray White group. It is the greatest sign of
the dramatic broadening of the Ray White Group over the last ten years,” Mr White
“All the pubs are in NSW with a large number in Sydney. The Woolworth’s consortium (the acquirer is called the Australian Leisure and Hospitality Group) will lease the hotels with the Laundy family continuing to be the owner of the freeholds.
The leases are very long term averaging in the order of 40 years each.” The hotels include the Honeysuckle Hotel, Newcastle; Farmers Home Hotel, Wagga Wagga; Golfview Hotel/Motel and the Harlequin Hotel, 152 – 156 Harris Street, Pyrmont; Blue Cattle Dog, St Clair; and Toongabbie Hotel, Toongabbie.
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