Lord Gladstone Hotel buyer and price paid revealed
Paddy Coughlan’s Inner West hotel sold to free up cash for another project. We have all the details.
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The Lord Gladstone Hotel in Chippendale has sold after a rapid four-week campaign.
The freehold hotel asset is located in a Sydney inner west growth spot, adjacent to Frasers Property Australia’s $2 billion Central Park urban development project, which occupies 6 hectares on the former Carlton & United brewery site at Broadway.
The asset was sold by owner Paddy Coughlan, who previously advised the market he was divesting the hotel to free up capital to invest into growing his hard lemonade business, Frank Strong’s.
Purchased for a reported $5.5m, the successful buyer is existing pub owner George Kazzi; who also owns the well-known Forresters Hotel in Surry Hills.
The venue, located near the Spice Alley precinct, is likely to benefit from increasing residential and hospitality development nearby. The hotel came with six gaming machine entitlements and a 3am licence.
Blake Edwards and Dan Dragicevich of HTL Property, exclusive agents for the hotel sale, say there’s a deep level of interest and activity in CBD fringe hospitality properties.
“We enjoyed a favourable campaign in terms of enquiries, with multiple parties submitting EOIs,” says HTL Property Director Blake Edwards.
“With several strong offers received, the substantial interest level resulted in a quick turnaround between the marketing campaign and the effective sale,” says Edwards.
HTL Property have also been involved with the recent sale of several other Inner West Pubs, including the Coopers Hotel in Newtown and Salisbury Hotel in Stanmore.
All eyes continue to monitor developments at the Hotel Steyne in Manly, for which expressions of interest closed four weeks ago. HTL Property were approached for comment on that sale, which the agency is handling the sale of. It’s reported several buyers are involved in negotiations to secure the property.