HTL Property is delighted to announce the sale of the freehold going concern interest in Windsor’s well-known Fitzroy Hotel to prominent Hawkesbury Region publican, Luke Ainscough.
Upon advice from HTL Property, existing tenant Craig Thomson agreed on a joint strategy with the
BRI Ferriers (Receivers and Managers) for the freehold interest in the Fitzroy Hotel, allowing the “re-stapling” of
both business and property assets; in order to be offered to the market as a freehold going concern.
The Fitzroy Hotel, strategically situated on a 1,391 sqm land holding in Windsor’s main commercial /retail precinct close to a Woolworths anchored shopping centre, features a 3am liquor licence and 16 very valuable gaming machine licenses.
HTL Property’s Sam Handy and Blake Edwards exclusively negotiated the successful transaction after a
competitive on-market campaign yielded several offers to purchase.
An agreement was consequently struck between the two independent Vendor entities and the Ainscough purchasing vehicle, as solicitors commenced working on the complex tripartite contract negotiations.
The sale follows HTL Property’s other recent sales in the area, including the Royal Hotel ($18m), RG McGee’s ($6.5m) and the Clarendon Tavern ($6m).
“This is our firm’s fourth pub sale within the Windsor-Richmond catchment area, totalling in excess of $35m in transactions” commented HTL Property Director, Sam Handy.
“Furthermore, it is Luke Ainscough’s second hotel acquisition in the region after purchasing the Clarendon Tavern from HTL Property in 2018″ Handy concluded.
The Windsor and Richmond catchment areas have seen several recent land releases for residential developments, and these largely underpin the region’s strong population growth and demand prospects.
The Hawkesbury Region is located on the cusp of the North-West Priority Growth Corridor, which will see 33,000 new homes delivered in order to accommodate over 250,000 new residents. The Marsden Park development, within the broader precinct, will deliver 10,000 new residents alone.
“There currently exists a clear arbitrage opportunity in the market regarding FHGC yields and the traditional returns afforded through the OpCo/PropCo model. The respective premiums achieved by both tenant and landlord on the sell side of our Richmond transaction reflect that philosophy, and we are currently in discussions with other landlords and tenants about re-coupling their assets in order to take advantage of this most recent market paradigm” concluded HTL Property Director, Blake Edwards.
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