The Laundy family has partnered with Aaron Crinis, owner of Glorietta’s in North Sydney, to purchase Redfern’s Woolpack Hotel.
Set on Chalmers Street, the three storey Federation style hotel includes 13 gaming machines, a midnight liquor licence, bottle shop and accommodation.
Reports put the sale at around $10 million and will see Mr Crinis move beyond the world of restaurants and into the pub game.
Of the sale, Arthur Laundy said, “We’re always looking for opportunities to buy unique hotel assets and to partner with good operators who, in concert with what we have learned during our time in the industry, can combine with us to extract whatever upside might be inherent and available.”
The purchase comes within a fortnight of the Laundy family having acquired Springvale Heights Tavern in Albury for $22m in a consortium with the O’Hara and Cruikshank families.
The sale of the Woolpack Hotel was negotiated by Dan Dragicevich, Sam Handy and Andrew Jolliffe of HTL Property.
“Like O’Malley’s, the Hollywood and Strand hotels respectively, this multi-level city fringe freehold attracted huge footfall in terms of interest; the consequence of which resulted in a handful of selected parties battling it out for the prize at the end of the process” advised HTL Property Director, Sam Handy.