Pub veteran John Ryan has splashed out more than $70 million for the Tea Gardens pub in Sydney’s east in what is the largest deal this year in the booming hotel sector.
It will add it to his stable of Sydney pubs, including Ryan’s Bar, Paragon Hotel, The Ship Inn and The Orient Hotel. The Purkis family have owned Tea Gardens for 10 years, having bought it in 2014 for $36 million.Located in Sydney’s bustling Bondi Junction near to Westfield Bondi and the Easts club, it is set over two levels, exceeding 800 square metres of space, including outdoor areas, a highly sought after balcony, large kitchen operation and 30 gaming machines.
He said the deal was concluded over a “series of discreet discussions held over a very short period of time, has led to the largest single pub sale nationally for 2024”.Pub agents said assets like the Tea Gardens are iconic for a reason. The barriers to entry for competitors in such a highly developed area are high and the number of hotels in the broader area is comparatively low to others.
Spanning more than 1500 square metres of trading space, street level features a public bar with sliding windows providing an indoor/outdoor dining, a gaming room holding ten machines with entitlements owned by the lessor, poolroom, and an all-weather beer garden.
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