Further pub deals boost inner west
Another two pubs have changed hands in Sydney's inner west as agents report rising values in the area.
CBRE Hotels today reported the sale of the White Cockatoo in Petersham, while Jones Lang LaSalle announced a deal for Leichhardt's Bald Faced Stag Hotel.
Along with the White Cockatoo sale, CBRE’s Daniel Dragicevich told TheShout the agent had recently acted on the leasehold deal for the Newington Inn Hotel in Stanmore, which followed several noteworthy transactions in the area.
“Various venues have changed hands in the local market in recent times, including the Oxford Tavern and the Henson Park Hotel, which gave both insight and confidence to the purchasers as to what can be achieved with a refreshed operating model focussing on the areas rapidly changing demographics," he said.
Meanwhile, Jones Lang LaSalle’s Sam Handy told TheShout the Bald Faced Stag Hotel in Leichhardt had sold in an off-market transaction.
Newington Inn Hotel, Stanmore
White Cockatoo Hotel, Petersham
The Bald Faced Stag is prominently located at a busy intersection on Parramatta Road and is well positioned to capitalise on some of the 100,000 new residential dwellings forecast for Parramatta Road under the NSW State Government’s Parramatta Road Urban Renewal program.
“A review of the State Government's plan confirms that there are some 100,000 apartments planned for Parramatta Road to coincide with the development of the Westconnex motorway,” Handy suggested.
“A large proportion of these apartments are slated for Taverners Hill, Leichhardt and Camperdown," he said
“The government appears genuinely determined to rejuvenate Parramatta Road by way of creating residential development and activating certain pockets of the area. There is even talk of a light rail route linking the inner west with the Sydney CBD,” Handy said.
“With the benefit of a 3am liquor licence, 18 gaming machines and a large trading footprint with extensive outdoor areas, the Bald Faced Stag Hotel is ripe for repositioning to take advantage of the area's changing demographic,” he said.
Source : The Shout Triana O'Keefe November 12th, 2014
