Oscars Hotels spends big on Tattersalls Hotel
The Tattersalls Hotel and Commercial Centre in Penrith have sold to Sydney stalwarts Oscars Hotels for circa $28 million.
The site was sold by PSRE Penrith Pty Ltd, a fund managed by Pitt Capital Partners on behalf of Washington H Soul Pattinson (ASX: SOL) and 360 Capital REIT (ASX: TOT), and was purchased by the Gravanis brothers through their development arm, BMG Developments. The off-market deal was negotiated by JLL vice president Kate MacDonald and national director John Musca.
The Tattersalls Hotel and Tattersalls Centre includes the freehold going-concern interest in a large hotel including 15 gaming machines, and a 6400 sqm commercial building with a mix of retail and commercial tenancies and 100 car spaces.
This is the fifth south-western Sydney pub for Oscars Hotels, which also operates the Bankstown Hotel; Sports Hotel, also in Bankstown; The Warwick in Cabramatta; and the Court Tavern in Campbelltown. The addition of the Tattersalls Hotel to the portfolio comes at a time when the Penrith CBD is slated for significant rejuvenation, for the first time in many years.
“It was an excellent result for the institutional owners and their stakeholders whilst the hands-on buyers have a positive view on the long-term CBD redevelopment outlook for Penrith,” stated MacDonald.
The greater Penrith area continues to grow, with Laundy Hotels recently having purchased a tavern development site in relatively new suburb, Jordan Springs.
Regional NSW also hot property
Four more regional NSW pub sales have also been announced this week, with Rodney “Ned” Kelly purchasing the Royal Hotel Motel in Scone, in the upper Hunter region. The acquisition was negotiated by MacCallum Inglis and JLL Hotels & Hospitality.
The Royal Hotel Motel sits on a 2904 sqm corner block, and includes 10 well-presented motel suites, 9 EGMs and 17 first-floor pub rooms. Scone is located 150 kilometres from Newcastle, and is home to almost 5,000 residents. There is an abundance of infrastructure development in and around the town, demonstrating its continued growth.
Further north, HTL Property has announced the successful settlement of The Post Office Hotel in Moree, which includes a bar, bistro, beer garden, gaming room with 15 EGMs, drive-through bottle shop and 15 pub-style accommodation rooms which are currently unused. The hotel was sold by Carol Negline, who has retired after running the pub for the last 17 years.
And on the South Coast, the North Nowra Tavern has been sold, also overseen by HTL Property. The large-format pub holds a 1:30am licence with 25 EGMs, with annual revenues of roughly $7.5 million. The hotel also has DA approval to further improve the layout of the venue.
In Lismore, the Bulmer family have sold the Rous Hotel after more than 20 years of ownership. The sale was negotiated by Manenti Quinlan & Associates, in conjunction with John Hannigan Real Estate Services. Rous Hotel occupies a prominent 1,745sqm corner site and offers a public bar, bistro/café, 12 EGMs, beer garden and large carpark. After closing the drive-through bottleshop in April 2018, hotel trade was strategically repositioned to take advantage of growing function trade, with the space converted into “The Greenery” function area, which has been a popular addition with the locals.