De Angelis family sells Bligh Park Tavern
After almost two decades of ownership, the De Angelis family has sold its north-western Sydney pub, Bligh Park Tavern.
The sale campaign for the freehold hotel was led by HTL Property’s Dan Dragicevich, Andrew Jolliffe and Sam Handy on behalf of the De Angelis family pub vehicle, DHI Hotels.
There has been serious movement in the DHI Hotels portfolio of late, with the group focusing on south-western Sydney. The Raby Tavern was purchased late last year for over $30 million, and the Macquarie Hotel in Liverpool was purchased last month for $42 million. The group also owns Macarthur Tavern and the Green Valley Hotel in Sydney’s south-west.
Pete De Angelis said the Bligh Park Tavern had served the family well, and wished the incoming owners success with it.
“Our family has had the Bligh Park Tavern for the last 18 years and have thoroughly enjoyed our association with the area during this time. We sincerely wish the purchasers every success and thank the HTL team for their tireless efforts to achieve a result that is testament to our tenure in the asset.”
The large-format suburban pub is positioned within an exclusive catchment of 12,250 residents. The business generates more than $4.3 million in annual revenues with strong bar, gaming, wagering and bottle shop contributions. It holds 21 EGM licences and was ranked 475 in the latest June 2020 gaming rankings. It also has a beer garden, kid’s playground and ample car parking.
“The Bligh Park Tavern is one of the first pubs to sell after the COVID-19 restrictions and reinforces the industry’s patent resilience in the face of the global health and economic crisis. Sales such as this demonstrate clearly that valuations have held up strongly over the period and there is well and truly still an equitable and liquid market for vendors and purchasers to participate in,” stated Dragicevich.
“The Bligh Park Hotel is strategically located at the northernmost tip of the North-West Sydney growth corridor, which will see some 33,000 new homes delivered in order to accommodate over 250,000 new resident,” added Handy.
It is is the latest pub transaction in New South Wales’ Hawkesbury region, with other recent sales including the Fitzroy Hotel ($5.1m), RG McGee’s ($6.5m), the Royal Hotel ($18m) and the Clarendon Tavern ($6m).