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Athol and Lee Davis have sold the North Sydney Hotel to Kent and Desley Walker for about $28 million after nearly three decades of ownership, as Accor, QIC and Kyron Capital pursue major Sydney and Canberra property projects.
Athol and Lee Davis have sold the North Sydney Hotel to hoteliers Kent and Desley Walker for about $28 million after close to three decades of ownership.
The two-level pub at 292 Miller Street occupies a 1,201 square metre corner site directly opposite North Sydney Oval. The couple announced the sale after calling last drinks at the Miller Street landmark. Athol Davis said: The North Sydney Hotel has been such a central part of mine, and my wife Lee's life over the past three decades, and whilst reluctant to let it go, we do so knowing it is in fine hands.
North Sydney Hotel Revenue And Amenities
The hotel is a diversified hospitality operation. It includes 12 recently renovated accommodation rooms and 25 gaming machines that generate combined annual revenue of $6.5 million. Given its proximity to the oval, the pub is usually packed before and after games. Those games can include the Sydney Swans AFLW team, and the oval was the former home of the North Sydney Bears rugby league club.
The sale marks the end of an era for the Davis couple and their clientele. It also opens a new chapter under the Walkers, who plan to maintain hospitality services while adding modern interior refinements and possibly expanding gaming variety. The change is part of a broader shift in Sydney's hospitality landscape. Older, community-centered pubs are giving way to new directions and partnerships across the region.
Accor Hotels intends to open a Novotel in Castle Hill targeting rising traveller numbers as the new international airport comes online. The planned venue will be part of the $500 million Nova Reve development under construction by the Reve Group. The mixed-use Nova Reve precinct will incorporate a 143 guestroom hotel with conference amenities, a pool and a rooftop bar that plane spotters will likely use when the airport has international arrivals. The hotel is scheduled to open in 2029.
Accor Novotel Castle Hill Airport Supply
The rest of the precinct has 253 apartments across three towers, rising to 23 levels at their tallest point, and more than 1,600 square metres of ground level shops and cafes. It also includes almost an acre of communal gardens. Adrian Williams, chief operating officer of Accor in the Pacific region, said the new Novotel will help to alleviate a lack of supply of hotels in the Hills District.
He also said it would address accommodation shortages as the new South Western Sydney Airport commences operations. Queensland Investment Corporation has also decided Sydney's Hills district is the place to be after unveiling a $600 million investment in the next stage of redevelopment at its Castle Towers shopping centre. Construction is set to kick off next month. Castle Towers is directly connected to Castle Hill Metro station and located at the heart of the Castle Hill town centre.
The project will add 30,000 square metres across four levels with 70 new stores and a 6,000 square metre rooftop health and wellness destination. Deborah Coakley, managing director of Real Estate at QIC, said the strength of retailer demand for space at Castle Towers reinforced QIC's conviction in Sydney's north-west, particularly the Hills District. Completion is currently anticipated in late 2029, with Castle Towers remaining operational as works progress. Kyron Capital is offloading the Riverside Plaza shopping centre in Queanbeyan.
Kyron Capital Riverside Plaza Queanbeyan Sale
The group wants about $100 million for the 21,660 square metre centre, which is about 14 kilometres from Canberra's CBD. The mall is anchored by a Coles supermarket and hosts major and mini-major tenants that generate more than $80 million in turnover. The centre's speciality tenants return moving annual turnover of around $9,422 per square metre, said selling agent CBRE's Simon Rooney, who is managing the sale with James Douglas and James Sherley.
JLL's Sam Hatcher and Nick Willis also have the listing. These developments illustrate the fluid nature of property assets in the urban Australian market. Investment opportunities range from intimate, community-based pubs to sprawling mixed-use developments in fast-growing suburban districts.
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smh:This story was compiled and edited by the HeadTopics newsroom and HT AI from the reports above.
North Sydney Hotel Athol Davis Lee Davis Kent Walker Desley Walker Sale Sydney Hospitality Accor Hotels Novotel Castle Hill QIC Castle Towers Riverside Plaza Kyron Capital North Sydney Hotel Sale Kent And Desley Walker Accor Novotel Castle Hill Castle Towers Redevelopment Riverside Plaza Queanbeyan
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