HTL Property today advises that it closed out the 2020 year with yet another large format Sydney freehold going concern sale.
The boutique national agency’s sale of the imposing Engadine Tavern, located in the Southern Sydney suburb of the same name, follows the firm’s 2020 record sale of the Narwee Hotel on behalf of the Ryan family to well known hotelier and developer, Sam Arnaout’s Iris Capital.
The sale of the expansive hotel and commercial property holding occupying a 5576sqm footprint, was exclusively managed by HTL Property’s Dan Dragicevich, Andrew Jolliffe and Sam Handy.
“There’s simply not many pubs that exhibit the unique upside levers the Engadine Tavern does” commented HTL Property National Pubs Director, Dan Dragicevich.
“A compelling, large-scale all-round trading proposition, in concert with a ready-to-build mixed use development approval; meant a competitive bidding process ensued and was timed to take advantage of the year end market rush” advised Dragicevich.
“There exists considerable depth at the top end of the market, with a profusion of unsatisfied buy-side appetite still on the lookout as we commence the new year” added Dragicevich.
“Our engagement on this Sydney freehold was based upon an off-market transaction objective, and which replicated the keen interest shown in other recent sales we’ve enjoyed the opportunity to curate” concluded Dragicevich.
The successful Purchaser is fundamentally a new entrant to the asset class, but not one that is new to large format high quality property development; hence it is wholly expected the upside opportunities presented by the asset will be keenly sought and augmented once Settlement is enjoyed in the New Year.
Featuring 26 gaming devices, a 60 space car park which separately enjoys Development Approval for an impressive residential project, the property is like many other sought after hotel assets located within close proximity to the respective suburb’s train station.
In addition, the stand alone drive-through bottle shop operation and separately accessed function centre added key differentiation levers to the offering.
The sale of the hotel maintains the one hotel sale per week run rate enjoyed nationally during 2020, and closes the Calendar Year with HTL Property enjoying greater transaction volume market share than the total sum of its competitors.
“The chronological bookends of 2020 have represented the equal of any historical trading period the asset class has enjoyed” advised HTL Property Managing Director, Andrew Jolliffe.
“Consequently, we look forward to disclosing further sales of commensurate materiality in this first quarter of 2021, and maintain our guidance for a prosperous outlook with regard the national hotel landscape for those participants both prepared and capable of actioning outcomes” Jolliffe concluded.
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