‘Next Justin Hemmes’ buys up next super trendy pub
Drinkers at the Commodore Hotel in North Sydney. Pictured L to R, Maureen Sue, Matthew Trevitt, Geena Values and Amy Chang. Picture: Sam Ruttyn
Young hotelier Glenn Piper, earning a name for himself as the ‘next Justin Hemmes’ has added trendy North Shore watering hole the Commodore Hotel to his burgeoning property portfolio.
Mr Piper on Thursday snapped up the Blues Point Rd pub for $29 million, to add to a growing list of venues that includes Freshwater’s Harbord Hotel, Q Station at North Head and Newcastle’s iconic Merewether Beach Hotel.
The Commodore Hotel in North Sydney has a new owner.
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Ideally situated on the edge of the North Sydney CBD in the village-like surrounds of McMahon Point, the Commodore has been a feature of the area for almost 170 years.
Mr Piper takes ownership of The Commodore in August with plans to renovate the venue in accordance with the surrounding area.
The hotel is Mr Piper’s first inner-Sydney venue.
“Standing proudly on the corner of Blues Point Road, the Commodore Hotel is without a doubt one of North Sydney’s greatest pubs – and one with an incredibly rich and colourful history,” Mr Piper said.
Glenn Piper behind the bar at the Harbord Beach Hotel. Picture: Supplied.
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“I am honoured to continue the Commodore’s long legacy and excited to have the opportunity to elevate it into something really special that reflects the community today.”
JLL Hotels & Hospitality Group brokered the deal following an off-market, invitation only sale process on behalf of Good Beer Company.
“Capital continues to seek exposure to ‘alterative assets’ that display strong IRR characteristics and have the ability to generate strong cash flow through trading operations,” JLL Hotels Executive Vice President Ben McDonald said.
Piper is planning a makeover of the Commodore Hotel.
“With genuine value-add potential via the approved DA, in addition to the compelling investment drivers, The Commodore was keenly pursued by those selected to participate in the sale process.”
JLL Senior Vice President Kate MacDonald added, “The significant brand equity of The Commodore in the local hospitality scene was a major drawcard for the purchaser who will certainly build on the pub’s strong reputation and business. We look forward to seeing The Commodore evolve over time under Mr Piper’s watchful eye.”
The $29m purchase of The Commodore adds to a portfolio Piper boasts worth more than $100.
Pictured at the Vic on The Park at Marrickville in Sydney is Merivale owner Justin Hemmes. Picture: Richard Dobson
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Piper has been touted as a rising star of Sydney’s hospitality scene.
But has some way to go if he is to match bar tsar Merivale boss Justin Hemmes who has accrued a commercial and residential fortune over $1.2bn.
