Manly’s Hotel Steyne on market for $65m
Sydney’s pub market is starting the year strongly, with the Lidcombe Hotel in western Sydney’s gaming heartland selling for more than $50 million and the high-profile Hotel Steyne at beachside Manly hitting the market for about $65 million.
The deals show the sector is in demand from both long-term pub families — one of whom has picked up the Lidcombe Hotel in the biggest deal of the year — and from institutions, some of which are likely to chase the Hotel Steyne.
The Lidcombe pub was sold by Monarch Hotels, which is co-owned and run by Joel Fisher, who has been fielding interest in the company’s portfolio.
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Monarch last year sold the Banksia Hotel in Rockdale, in Sydney’s south, for about $26 million to publican Patrick Ryan, but did not return calls about its latest transaction.
Monarch was one of the early buyers in the pub sector as it recovered from the GFC and a debt crisis that gripped the industry, and it also worked the asset to drive it up the NSW Office of Liquor, Gaming and Racing’s top 200 gaming rankings list.
HTL Property Asia Pacific managing director Andrew Jolliffe advised on the sale but refused to comment as he kicked off marketing on the Manly property.
The Hotel Steyne is expected to go on the market for about $65 million. Picutre: Supplied
The Hotel Steyne is being sold by a partnership of investors Mark Carnegie and Robert Whyte, along with hotelier Arthur Laundy and businessman John Singleton.
The partnership picked up the hotel in 2010 and the offer is likely to bring out owner-operators who want to snare the Sydney landmark and also consortiums that could own the leasehold and freehold elements.
The three-level property sits on a 1948sq m corner block and takes its place alongside iconic Sydney properties such as Watson’s Bay Hotel and the Coogee Bay Hotel.
Jolliffe says Hotel Steyne is arguably the best-known beachside hotel and will draw top investors.
Built in 1859 and remodelled by Tooth & Co in 1936, The Hotel Steyne overlooks Manly Beach and has been compared to Bondi’s Icebergs, and more recently Woolloomooloo’s harbourside Bells Hotel.
This article originally appeared on www.theaustralian.com.au/property.
