The iconic Lord Nelson in Sydney’s Rocks district has changed hands as the pub market stays frothy, with sales across the country close to $1 billion in 2024.
Pub sales have reached close to $1 billion so far this year, with major players including veteran Arthur Laundy and the Universal Hotels group expanding their footprints across the sector.
JLL hotel and hospitality managing director Ben McDonald and senior vice-president Kate MacDonald worked closely with both parties to finalise the deal.“With publicans having a greater focus on earnings, given the current lending environment and respective debt covenants, high cashflow leasehold assets are drawing greater interest from savvy hoteliers seeking to bolster their portfolio returns,” McDonald said.
To help fund the purchase, Universal sold the leasehold of The Mill, in Bondi Junction, that sits within the TWT Property Group’s mixed-use residential project in Sydney’s eastern suburbs. The deal was also advised on by JLL’s Ben McDonald and Kate MacDonald. The limited availability of pubs for sale in Sydney’s east for less than $10 million was also a key motivating factor behind the acquisition, and closely follows JLL’s $12 million sale of the Unicorn Hotel on Oxford Street, Paddington.
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