HOSPITALITY FAMILY PICKS UP TRINITY BAR FOR $8.5M
31 May 2016,
SURRY Hills institution Trinity Bar has changed hands in an $8.5 million deal.
The hotel dates back to 1882 with its traditional pub meals and range of craft beer becoming a favourite among locals under Ray Reilly's stewardship for the past 18 years.
The long-term owner of the Rag & Famish in North Sydney Pete Calligeros is expected to uphold the venue's traditions as new owner.
CBRE Hotels sold Trinity Bar in an on-market sale following an extensive expressions of interest campaign.
CBRE Hotels national director Daniel Dragicevich says the inner city venue attracted significant interest, with the sale price demonstrating purchaser appetite for quality freehold hotels.
"It's great to see an asset change hands from one traditional hotel family to another, with the knowledge that the sovereignty of the venue will be preserved under a similar style of operator," Dragicevich says.
"Surry Hills is experiencing a resurgence in recent times following various hotels in the area transacting and relaunching - further establishing the suburb as a genuine hospitality destination.
"Also key to the sales process was the soon-to-be constructed South East Light Rail linking Central Station to Randwick.
"The only proposed Surry Hills stop is on Devonshire Street in close proximity to the Trinity Bar which will no doubt greatly assist the long-term profitability outlook of the venue."
CBRE Hotels manager Ben McDonald says the commercial market in Sydney continues to generate interest.
"We continue to experience a shortening of quality supply for thirsty investors as a prevailing market condition which means when good assets do hit the market there is genuine competition between buyers," McDonald says.