Following its achievement of the record sale for a Newcastle hotel last week in the form of the Kent Hotel, exclusive agents HTL Property have this week announced the record sale for a Balmain Hotel, with the Unity Hall Hotel selling to hoteliers the Roddy and McRedmond families.
The legendary Unity Hall Hotel, said to be the birthplace of the Australian Labor Party was sold by Riversdale Group, the boutique pub fund founded by John Singleton, Mark Carnegie and Geoff Dixon.
Riversdale Director Matthew Beach said “The sale of the Unity Hall marks the last sale of our Sydney based pubs. We remain committed to the sector, having acquired the Lambton Park Hotel last year, and we are actively looking to buy pubs for our second fund. In the meantime, we are seeking to add additional pubs to those that we currently manage on behalf of external investors to Riversdale. “
“There’s only one of these pubs per suburb, the local meeting place around which the entire community orbits” offered HTL Property’s Asia Pacific Director, Andrew Jolliffe.
On behalf of Riversdale, HTL Property managed an on-market EOI process, and have arranged the sale within 10 days of the conclusion of the marketing period.
“The market interest in the Unity Hall Hotel was commensurate with the quality of the offering and the eventual buyers, with decades of local knowledge to draw upon, are well placed to take stewardship of the much loved community watering hole” advised HTL Property’s National Pubs Director, Dan Dragicevich.The Unity Hall Hotel has operated in the centre of Balmain’s bustling commercial peninsula since 1846, operating across 562 sqm and over two expansive levels.
“On the same day we exchanged sale contracts for the Unity Hall Hotel, we were delighted to sell two other significant freehold hotels, continuing the theme of sophisticated capital positioning itself in yield rich assets” added Jolliffe.
“This is the economic landscape our long range analytics suggests to us, and this is an elaborative view not peculiar to HTL Property” concluded Jolliffe.
The sale of the Unity Hall Hotel expands upon HTL Property’s one hotel sale per week run rate for FY2020.
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