BALMAIN PUB GROUP SNARES TOWN HALL HOTEL FOR $7M
15 February 2016,
THE Balmain Pub Group has snapped up Town Hall Hotel in Sydney for $7 million, taking its portfolio to five assets in the city.
Led by hotelier Nick Wills, the group also owns The Balmain Hotel, Charing Cross Hotel in Waverley, Swanson Hotel in Erskineville and most recently Greenwood Hotel in North Sydney.
The Balmain landmark was established in 1879 and is located on the corner of Montague and Darling Streets on a prominent 445sqm site.
The two-level hotel features a ground floor bar, bottle shop and upstairs dining area with second bar, as well as a seated balcony overlooking Darling Street.
CBRE Hotels national director Daniel Dragicevich negotiated the freehold sale with Knight Frank, on behalf of brothers David and Phillipe Du Maurier.
Dragicevich says sales campaign was hotly contested and demonstrates continued momentum in Sydney's hotel market.
"This sale kicks off what is expected to be another strong year of pub sales, as appetite for quality assets continues amid low borrowing rates and favourable buying conditions for purchasers and long-term owners," he says.
"This transaction also highlights the depth of buyers currently active in the sub-$10 million metropolitan hotel market, reinforcing that market buoyancy is not just limited to the top end of town."