In the past four weeks, as other asset sales paused across the world, one broker sold more Australian pubs than in any month in the company’s history.
and Tacking Point Tavern, both on the NSW Mid-North Coast; the Marlow Hotel Group bought the sprawling Mill Hotel in Sydney’s Milperra; and the Australian Rugby League Commission bought the Gambaro Hotel close to Brisbane’s Lang Park.All up, that is around $300 million worth of property which, according to HTL managing director Andrew Jolliffe, puts sales so far this year well on track to exceed the record $2 billion in pub transactions in 2021.
Equally, importantly, the decade-long era of property performance boosted by falling yields, and ever cheaper finance, looks to have come to an end.In the new era, growth in cash flow will be critical to stay ahead of inflation and rising costs. That’s the insight pubs provide.“People are still seeking investment grade properties, but hospitality and tourism properties can pass on more of the costs to the consumer than is possible in most rent-based assets.
Importantly, the income growth outlook varies by sector, and even within sectors, from one lease to another, and one property to another. However, the PAR Group, a joint venture between Rob Ellis of The Data App and Damian Stone of Y Research, argues that retail property values could experience “meaningful” valuation falls in response to rising interest rates, inflation and “a high dose of economic uncertainty”.
that office vacancy showed a clear bifurcation into those buildings “fit for purpose into the future” and those being left behind.
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