Penrith’s Tattersall’s Hotel has become the first pub in Australia to be both listed and sold during COVID-19.
The hotel and commercial centre in Penrith’s CBD has been sold by Washington H Soul Pattinson for around $28 million to BMG Developments.
The sale, which was facilitated by JLL Hotels & Hospitality, includes the freehold going-concern interest in a large hotel including 15 gaming machines and a 6400m2 commercial building with a mix of retail and commercial tenancies and 100 car spaces.
JLL Vice President Kate MacDonald described the off-market sale as an “excellent result”.
“The hands-on buyers have a positive view on the long-term CBD redevelopment outlook for Penrith, whose CBD is slated for significant rejuvenation and has seen major intensification of residential development in recent years,” she said.
JLL National Director John Musca said sale of the Macquarie Hotel in Liverpool by the DeAngelis family for around $43million, the acquisition of two development sites in Calderwood and Jordan Springs by the Laundy Group, and ex-footballer Bill Young’s settlement of the Illinois Hotel were all struck pre-COVID-19.
“This transaction is indicative of the pub industry’s resilience and the broader view taken of the underlying property opportunities in the face of the global health and economic crisis,” MacDonald and Musca said.