Sydney’s Oxford Hotel sells for big price
Find out who paid what to whom and why.
Sydney’s Oxford Hotel in Drummoyne has sold just two weeks after hitting the market.
Arthur Laundy has paid $42m for the inner west hotel property, hot on the heels of selling his interest in the Hotel Steyne, Manly.
In November 2015, Iris Capital sold the Oxford Hotel to private buyers Michael Wiggins and Joanne Cassar for $34m.
The sale has been another major contributor to a massive year for hotel sales, which totalled close to $900m in transactions for FY19, according to Oxford Hotel real estate agents HTL Property.
“When we engaged HTL Property to market the asset we couldn’t have envisaged such a great outcome in such a short period of time,” says Oxford Hotel vendor Michael Wiggins. “I have a very high opinion of Arthur and his family, and congratulate them on purchasing what will continue to be an exceptional asset for years to come.”
The Oxford Hotel – a key gaming pub – occupies a significant 974sqm corner site land parcel with three street frontages, the largest of which fronts the arterial Victoria Road, and which sees traffic volumes of some 60,000 vehicles per day. Included in the sale was an adjoining retail building.
“The vendors are illustrative of the value accretive opportunities that the pub market can present astute operators of all sizes. Having only bought their first Hotel in 2011, the Royal Exhibition in Surry Hills,” says HTL Property National Pub Director Dan Dragicevich. “They have now sold their second venue less than eight years later to one of the undisputed industry heavyweights, Arthur Laundy.”
An HTL spokesperson says: “The robust business enjoys strong existing food and beverage centres with significant opportunity to amplify these revenue streams via a repositioned proposition, and the potential activation of a rooftop beer garden. Which, once introduced, would enjoy uninterrupted CBD, Sydney Harbour Bridge and ocean views.”
New owner of the Oxford Hotel, Arthur Laundy says, “We are thrilled to be taking the keys to the Oxford. My son Craig was the local member when he was in parliament and our family have a long affiliation with the area.”
“In the post State and Federal election environment,” says HTL Property Managing Director Andrew Jolliffe, “and following the Reserve Bank’s cash rate repositioning to historically low levels, we are now seeing as active a transaction landscape as ever seen for quality hotel operations indexed to best in class gaming performance.”