Prominent publican Arthur Laundy and his son Stuart have paid $38 million for the large-scale Bayview Hotel on the Brisbane Waters harbourfront on the Central Coast, marking their first acquisition together.
The multilevel Woy Woy hotel is the latest coastal asset to change hands as demand for regional pub assets was recently recorded by Real Capital Analytics as increasing by 135%, with the segment sales up nearly half of the national transaction volume.
“My father and I enjoy a number of very successful joint venture partnerships around NSW, and anticipate another one forming here with a very strong South Sydney Rabbitohs theme taking shape”, Stu Laundy said.
The Bayview Hotel was sold off-market through Dan Dragicevich and Andrew Jolliffe of HTL Property.
The Laundy family has made more than $150 million in pub acquisitions this year, including Redfern’s Woolpack Hotel and the Rydges Hotel in Bankstown, and Stu’s purchase of the Lennox Hotel on the Byron Bat beachfront for about $40 million in partnership with Fraser Short.
Byron Bay has accounted for a bulk of the high-profile coastal pub transactions this year, including one of this year’s biggest that saw Melbourne duo Scott Didier and Scott Emery buying the Great Northern and Lateen Lane properties for $80 million.
That came hot on the heels of pub tsar Justin Hemmes acquiring the Cheeky Monkey’s, who also picked up The Quarterdeck on the South Coast.
“We’ve been blessed with the engagement to sell some absolutely thumping Central Coast businesses over the years, but this hugely popular property is one deserving of the region’s top mantle in terms of price achieved,” Dragicevich said, who added that the price point and resultant yield is one typically reserved for Sydney metro hotels.
“After a number of decades of fond ownership with my partners, myself and my wife Kerry along with our family, are delighted to hand the reins over to such experienced hoteliers” vendor Gary Narvo said.
There are hundreds of millions of dollars’ worth of pub sales in train heading into the final stages of 2021, and the unquenched demand continues to push down yields.
