The Coopers Hotel the latest in string of Sydney pub sales

Publicans are spruiking their ability to boost the performance of hotels by improving their restaurants to capitalise on spending on casual dining.

There has been s a run of purchases by Sydney pub barons ranging from Justin Hemmes and Arthur Laundy, who have been building up their operations, alongside the recently-listed Redcape Hotel Group, which is focused on the city’s suburbs.

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HTL Property’s Daniel Dragicevich and Sam Handy brokered the off-market transaction, which comes on the back of a run of high-profile food and beverage pub sales, including The Bells Hotel in Woolloomooloo, The Salisbury Hotel in Stanmore and Paddington’s The Bellevue Hotel.

The Coopers Hotel, on Newtown’s bustling King Street, has annual revenues of $4.7 million across food, beverage, gaming and wagering departments and its recently received an approval to expand its gaming room which currently has 21 machines.

King Tide Hospitality is capitalising on Newtown’s status as Sydney’s new entertainment precinct, which has also drawn publicans including Merivale, Bruce Solomon and Matt Moran, and Fraser Short.

HTL Property Director Sam Handy confirmed the pub was sold to a private syndicate that was an underbidder on the recent Bells Hotel campaign.

“The successful purchaser will no doubt immediately seek to execute a strategic capital improvement program, and given their successful pedigree across food, beverage and gaming functions,” Handy says.

HTL Property’s national pubs director Dan Dragicevich says pub values have been steadily increasing for the past few years in line with the strengthening market condition.

He cites the rising fundamentals of commercial property values, high liquidity and availability of attractively priced senior debt that are facilitating pub purchases.

This article originally appeared on www.theaustralian.com.au/property.