Haritos out of hotels with Verandah sale
By Vanessa Cavasinni, editor Australian Hotelier
Dean Haritos has sold his remaining venue, Verandah, in the heart of Sydney’s CBD.
After a whirlwind one-week campaign, Dean Haritos has sold his last pub and bar, the behemoth Verandah, smack-bang in the middle of Sydney’s CBD. Unsurprisingly, many offers were fielded for the large-format venue.
"We were patently aware of the level and quality of interest that a strategic advertising campaign would generate from this market, and consistent with this view, we were readily engaged by a number of particularly well credentialed parties within a very short period of time," commented Andrew Jolliffe of Ray White, who negotiated the sale.
While the sale price has not been disclosed, it sold for “comfortably in excess” of the $9 million touted when the hotel was first placed on the market. Likewise, the buyer’s identity has not been revealed at this stage, however Jolliffe has stated that is a well-known Sydney hotelier with substantial experience within the CBD.
Verandah has a 1000 sqm footprint near Martin Place, with frontages on Elizabeth and Castlereagh Streets. With 20 EGMs, multiple bars and balconies, it takes advantage of the after-work crowd within the CBD.
Catchment opportunities are also set to grow with the Metro Station upgrade planned by the State Government – at which time 10,000 people per hour would alight from transport in the near vicinity of the hotel during peak times.
For Haritos, the sale sees his exit from pubs, so that he can focus primarily on MHG Asia Pacific, a manufacturer and supplier to the automotive industry in the region.
Haritos told TheShout: “[I’m] very pleased with the result achieved. The motivation for the sale was to free me up to focus on other business interests, namely our manufacturing division.”