Raby Tavern lasts just two weeks on the market
The Raby Tavern and Shopping Centre in Western Sydney has lasted just two weeks on the market, being purchased by the De Angelis family for in excess of $30m.
The approximately 8000sqm large format gaming hotel was brought to market by boutique brokerage agency HTL Property on behalf of the Sydney-based Walker family.
A four-week public sale campaign was proposed with price expectations in excess of $30m, and while the final sale price has not been disclosed, HTL Property has confirmed that the pre-campaign market guidance was met.
The acquisition adds to the well-known De Angelis family’s stable of freehold hotel investments. And Dan Dragicevich, HTL Property’s National Pubs Director, says that ownership of the Raby Tavern and Shopping Centre comes with multiple opportunities for expansion or future development.
“Hotels located adjacent shopping centres are always keenly sought after by astute investors who recognise the natural trading advantages enjoyed by their positioning. The ownership of this retail space at Raby enables the purchaser additional levers for expansion of the licenced footprint and makes available the potential for a larger mixed-use development project in the future,” he said.
“We designed a four-week national EOI campaign as the prerequisite sales strategy for this compelling acquisition opportunity, but the market responded in such a way that it became clear to us that first mover benefits would reward a deliberate purchaser.”
This is the 18th hotel HTL Property has managed the sale of on behalf of its clients this Financial Year, maintaining the firm’s one hotel per week sales ratio and illustrating the sector-wide market strength being enjoyed nationally.
Andrew Jolliffe, HTL Property’s Asia Pacific Region Director, said: “There are two noteworthy features of this current market landscape, the first being the entirely recognisable nature of the successful purchaser bodies, with those being either or both of the multi-asset and multi-generational hoteliers.
“The other being the patent re-engagement the big four banks have exhibited in respect of actively seeking debt funding opportunities alongside quality operators. A key reason the Australian East Coast market has already surpassed $500m in combined sales after the first four months of the Financial Year, up 33 per cent YoYFYTD in terms of consolidated transaction values, and up 26 per cent in respect of transaction volumes.”