Arthur Laundy has sold the Quarryman’s Hotel in inner Sydney to Colin Parras for a reported $12.5 million, before the hotel could make it to market.
Pub magnate Arthur Laundy had been intending to sell the Pyrmont corner pub via auction, however Parras made an attractive offer before the campaign could be launched. The off-market transaction was negotiated by HTL Property’s Sam Handy and Dan Dragicevich, in conjunction with Mike Wheatley from Knight Frank. .
“Our intention was to launch the Quarryman’s Hotel to the market a few weeks ago, and we consequently had designed an auction campaign around this strategy,” stated Handy.
“Nonetheless, it was not at all surprising to see Colin’s willingness to acquire the hotel ahead of schedule; and he was very motivated and deliberate in his intent in doing so.”
The acquisition is the latest for Parras, who sold the Peachtree Hotel in Penrith 18 months ago. He has spent the last 12 months looking for his next acquisition.
“I’ve been working closely with HTL Property over the last 12 months and have looked at plenty of acquisition opportunities with them,” stated Parras.
“Accordingly, I am absolutely delighted to have picked up the keys to the Quarryman’s Hotel.”
Quarryman’s Hotel is positioned on a 291 sqm corner block, and has a three-level trading footprint and extensive outdoor areas, including a roof-top beer garden activation with CBD and skyline views.
Laundy purchased the hotel in 2011 for $3.5 million, and shortly afterwards executed a significant renovation and refurbishment of the hotel offering. The second-floor bar and roof-top beer garden were added 18 months ago.
Pyrmont is Australia’s most densely populated suburb, with more than 12,000 people residing in one square kilometre. The situation is unlikely to change any time soon, with several large-scale residential and commercial developments approved of late, including Sydney Fish Market’s Masterplan, Star City’s Ritz Carlton redevelopment and Grocon’s Ribbon Tower.