Good Beer Company pours into Sydney’s Commodore Hotel for $18.5m
Sydney’s pub boom remains in full swing with the well-known Commodore Hotel at McMahons Point sold to The Good Beer Company for $18.5 million.
The John Azar-owned company is one of the publicans, along with entertainment tsar Justin Hemmes and pub baron Arthur Laundy, whose purchases are reshaping Sydney’s pub scene.
More than $100 million worth of pubs traded last month with hefty prices paid for key properties including The Oxford Hotel in Drummoyne that changed hands for close to $42 million.
Commercial Insights: Subscribe to receive the latest news and updates
Good Beer Company says it has picked up the Commodore Hotel as a “strategic addition” to its growing portfolio of established suburban hotels.
The group last year purchased Paddington’s iconic Four In Hand Hotel to add to its ownership of Randwick’s Duke of Gloucester Hotel and the Keg & Brew Hotel at Surry Hills, which is close to completing a $10 million refurbishment.
“I have long admired the Commodore and have been monitoring the opportunity to add such a well-established and highly performing asset to our group of properties,” Azar says.
The Blues Point Road hotel, on the edge of the North Sydney commercial district and in the heart of the popular McMahons Point residential and shopping village, was purchased from Graham Campion.
The sale was negotiated by JLL national director John Musca.
Campion had bought the hotel from Lantern Hotel Group three years ago and he also owns another popular North Shore watering hole, the Longueville Hotel.
The area is attracting a growing office crowd with a series of new developments coming online in North Sydney as the new metro station is also being developed.
“The purchase will provide us with a springboard into the lower North Shore residential and business communities,” Azar says.
“Our plan will be to reinvigorate what the Commodore offers in terms of delivering a first-class, affordable and quality beverage and food experience reflecting the success we have achieved at our other hotels,” he says.
This article originally appeared on www.theaustralian.com.au/property.
