Second Pub Sold by HTL Within A Week

HTL Property is most pleased to announce the sale of the Riverview Hotel in Tempe, to valued clients Universal Hotel Group.

“We’re really excited about the purchase as we also own and have recently completed a major refurbishment on The Tempe Hotel across the road.

The purchase has synergistic benefits, and as well provides us the opportunity to expand upon our food, beverage and entertainment offerings in the precinct” advised Universal Hotel’s, Harris Kospetas.

The freehold hotel is situated in the Inner West Council area approximately 10km southwest of the CBD and is one of two pubs in the suburb of Tempe. The hotel asset is currently leased on a monthly tenancy, although Universal plan to take possession of the asset before settlement.

The sale was managed by HTL Property Directors Blake Edwards and Sam Handy, on behalf of Tyche Asset Management; who have divested their last Sydney pub asset.

The property features a popular sports bar, bistro, function rooms and 14 pub style accommodation rooms, enjoying DA approval for an additional 37 motel rooms on the site.

“We saw an extended period over the last 18 or so months where low supply was met by commensurate levels of sanguine demand. This caused soft pricing and low transaction volumes” commented HTL Director, Blake Edwards.

“Recent tax cuts have been stimulatory, resulting in buoyant trading conditions in many sectors of the market. The result being more transactions and potentially the recommencement of some modest price growth” Edwards concluded.

HTL is excited about announcing further successful pub transactions in the coming weeks.

End.