Just days after announcing the sale of the Captain Cook Hotel to Fanatics owner Warren Livingstone, leading national brokerage agency HTL Property has listed for sale the Bligh Park Tavern in Sydney’s North-West growth corridor.
HTL Property Agents Dan Dragicevich, Andrew Jolliffe and Sam Handy have been exclusively appointed by DHI Hotels to steer the sale process.
DHI Hotels is owned by the De Angelis family who operate an increasingly impressive portfolio of venues throughout Sydney, including the Bath Arms Hotel (Burwood), Macarthur Tavern (Campbelltown) and the Green Valley Hotel (Miller). The group also recently acquired the Raby Tavern.
“Our family has had the Bligh Park Tavern for the last 18 years and have thoroughly enjoyed our association with the area during this time. Nonetheless, our portfolio has recently expanded, mostly focused around the South-West Sydney, and whilst we firmly believe in the Bligh Park Tavern story, it is for us a bit of a geographic outlier. We look forward to what the next owner can bring to the Hotel and area” advised family patriarch, Arch De Angelis.
The Bligh Park Tavern is a large format suburban freehold hotel prominently positioned within an exclusive catchment of 12,250 residents and generates more than ~ $4.375 million in annual revenues with strong bar, gaming, wagering and bottle shop contributions. The hotel features 21 valuable gaming machine licenses and was ranked #542 in the latest Dec-19 gaming rankings. The hotel is presented in outstanding condition and is located across an expansive trading footprint; with a beer garden, kid’s playground and ample car parking.
HTL Property’s National Director Dan Dragicevich advised, “The Bligh Park Tavern represents an exceptional metro Sydney mid-market opportunity having all the trading levers astute operators search for in a hotel investment – large site with parking, expansive trading footprint, minimal capex requirements, substantial gaming machine holding and a large exclusive catchment within which to draw from”
The Bligh Park Hotel is strategically located at the Northernmost tip of the North-West Sydney growth corridor, which will see some 33,000 new homes delivered to accommodate over 250,000 new residents. The landholding occupies a massive 14,647 sqm site, comprising hotel, indoor sports centre, retail tenancies, large car park and vacant land parcel.
A review of the site’s downstream redevelopment metrics will confirm that the existing building footprint is underutilized, and that the site’s size, frontages, zoning and height limit allow for significant redevelopment potential and a broad range of permissible uses. Such additional uses include childcare facilities, neighbourhood super-markets, medical centres and service stations.
“The intrinsic value of a hotel is typically tied to its goodwill, earnings and in situ land and building values” advised HTL Property Managing Director, Andrew Jolliffe. “These inherent attributes invariably account for less than 10 – 15% of overall value. However, the Bligh Park Hotel uniquely offers astute developers and investors the opportunity to secure a development site encompassing a holding income with the hotel either run under management, or leased to an operator whilst redevelopment schemes are optimised for the site” concluded HTL Property Asia Pacific Managing Director, Andrew Jolliffe.
The Bligh Park Tavern is being sold by HTL Property upon exclusive mandate and via a National Expression of Interest campaign closing on or before Wednesday 25th March 2020.
Join Mailing List