Laundy snaps up Bells Hotel, Woolloomooloo
Woolloomooloo waterfront sells on eve of auction to owner of nearby Woolloomooloo Bay Hotel
The Bells Hotel have sold their Woolloomooloo waterfront hotel to Arthur Laundy on the eve of the hotel’s planned property auction.
Representatives for HTL Property, who handled the sale, declined to comment in relation to the price paid for The Bells Hotel, other than to confirm the ultimate sale price was consistent with the guidance given during the sale process.
“The very positive sale of this hospitality industry icon is a material vote of confidence in the strength of the market for AAA grade properties” said Dan Dragicevich of HTL Property.
Speaking on behalf of the Miles family, owners of The Bells Hotel for around 45 years, Erin Peterson confirmed the family received a compelling offer from well-known and nearby publican
“The family has loved the 45 years at Bells and while it is the end of an era for us we are happy to sell to Arthur, a long time local publican, who we are sure will only be an asset to further develop the potential of our much-loved pub” said Peterson.
Arthur Laundy AO, who already owns the nearby Woolloomooloo Bay Hotel he purchased from the Medich family for $20m a few years ago, is said to have moved deliberately to secure the statuesque Bells Hotel prior to its scheduled auction on Thursday of this week.
Exclusive agents for the sale, Andrew Jolliffe and Dan Dragicevich of HTL Property, had recently advised the market that the sale process for The Bells Hotel had been both active and significant with regard to the quality of interested parties.
“We had designed a program around an auction day outcome, albeit with a property of this magnetism and rarity, it is commensurately not at all surprising that a number of qualified parties indicated a willingness to secure the generational opportunity ahead of schedule,” said Jolliffe.
Reporting a strong hotels property market, Jolliffe added: “In addition to The Bells Hotel, we have negotiated the sale of four other hotel properties in the past few weeks, and our imminent market disclosures about these additional properties will serve to further confirm not only patent popularity, but also the continued durability of the sector.”