‘Small Pubs’ grow up with Newtown purchase
JLL Hotels & Hospitality Group is pleased to announce the freehold investment sale of the Botany View Hotel in Newtown by Vice President, Kate MacDonald.
The hotel is located at the St Peters end of vibrant King Street and boasts two trading levels including a popular rooftop garden, 12 gaming machine entitlements, commercial kitchen, dining room and convenient bottle shop.
Following an unsuccessful freehold going concern sales campaign with another Sydney hotel brokerage agency in early 2019, JLL Hotels was approached to present a bespoke divestment strategy tailored for the specific needs of the vendor – the culmination of which is the sale of the freehold investment reflecting a bullish sub 5% initial yield on net passing income.
“This particular off-market transaction has played out in the precise way we had hoped, and in a shorter time frame than expected” offered JLL Hotels, Kate MacDonald. “Our aim was to deliver an outcome in line with our vendors goals which meant maintaining flexibility in the transaction process whilst maximising the overall exit price.”
Justin Small of ‘Small Pubs’ is thrilled with the acquisition, stating “Despite the Government- mandated trading restrictions imposed over the past 12 months, we have really enjoyed our tenancy at the pub. Securing the freehold has always been the final piece of the puzzle and we are relieved and excited to have achieved this result.”
This sale further highlights the unmatched benefits of using an enhanced agency platform like JLL with dedicated commercial investment sales professionals to drive transaction outcomes. JLL has proven to be market leaders in the sale of city-fringe assets, with recent notable transactions including the jointly appointed sale of the Old Fitzroy Hotel in Woolloomooloo, the Frisco Hotel in Woolloomooloo, the Four in Hand Hotel and Olympic Hotel in Paddington, Forresters Hotel in Surry Hills, the Native Rose Hotel in Rozelle, and East Village Hotel in Darlinghurst.
For further information regarding this transaction please reach out to the JLL Hotels team.
JLL Hotels, 22nd January 2021
