Commodore Hotel sells for $14.5 million
The Lantern Hotels Group has sold one of the north shore’s best known watering holes, the Commodore Hotel in north Sydney, for $14.5 million.
The buyer’s name was not disclosed but the 150 year old hotel, which according to popular legend was the Henry Lawson’s pub, was sold to a hotelier group in Sydney.
There were 90 bona fide offers during the month-long international expressions-of-interest campaign that ended on October 12,
In a note to the Australian Securities Exchange, the Lantern Hotel Group said it had a 46.5 per cent premium on the property’s book value.
“Completion of the sale is expected to occur in early December 2016. The programme for the divestment of non-core hotels is continuing with a sale process under way for the Brisbane Hotel in Perth," Lantern said.
Other non-core properties include the Crown Hotel in Surry Hills, the Five Dock Hotel, the General Gordon Hotel in Sydenham, the Ambarvale Hotel in south-west Sydney, the Waterworks Hotel in Botany and Uncle Bucks Hotel in Botany.
The Commodore sits on a 1138 square metre site on Blues Point Rd. The venue includes large format licensed outdoor areas and 17 gaming machines.
The sale was handled by Ray White Hotels Australia’s Asia Pacific director Andrew Jolliffe.
“The successful purchaser of the hotel, along with multiple others, was very deliberate in terms of their participation in the EOI sale process,” Mr Jolliffe said in a statement.
He said the hotel had attracted a lot of interest from publicans and developers.
“It has been maybe the most prolific response in the last two years’ worth of campaigns, because it is a well-known property and (North Sydney) is a very established area ... enjoying a very solid base of residential occupation and development, a CBD commercial workforce influx of some 55,000 people daily; and a major transport hub in the form of both rail and bus interchange,” Mr Jolliffe said.
by Leon Gettler, October 19th 2016
