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Renowned Bayfront Pub Trades Hands

SYDNEY-The Woolloomooloo Bay Hotel here fetches approximately AU$17 million (US$13 million) in a public auction. The property includes lease income from a popular local steakhouse that occupies the building's second floor.

By Brian K. Miller | Updated on November 08, 2004

SYDNEY-The renowned Woolloomooloo Bay Hotel here has been sold for around AU$17 million at public auction. Overlooking Woolloomooloo Wharf and Marina, the pub sits on about 6,900 sf of freehold land and includes 15 gaming machine entitlements, a bar, a bottleshop and a second story restaurant leased long-term to Kingsleys Alehouse, a local steakhouse.The new owner is a syndicate led by Melbourne-based John Ashley. The seller was Woolloomooloo Bay Hotel Pty Ltd. John Musca and Tony Bargwanna of Jones Lang LaSalle Hotels had the disposition assignment. The parties involved declined to confirm the purchase price, but other sources put the price at between AU$15 million and AU$20 million, and one pegged the price at slightly more than AU$17 million.The property is located opposite the popular W hotel and apartments and has a reputation as one of the busiest pubs on the CBD fringe, according to local trade publications. “The hotel is in excellent condition and…enjoys high levels of income,” says Musca.The marketing campaign reportedly generated 160 inquiries from inside and outside the country. “Potential purchasers were not only attracted by the hotel operation but also the fact that the landmark hotel sits on prime freehold land,” adds Bargwanna. According to a recent report by Jones Lang LaSalle Hotels, 120 major pubs were sold for a total of $703.9 million between August 2003 and August 2004, a 25.6% increase from the previous 12-month perdiod.

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