Famous Western Sydney watering hole on the block for the first time
Having physically built the Horsley Park Tavern, brick by 200,000 brick, the family of the late Valentine Lubec has decided to sell into the booming western Sydney market.
It’s the first time the 10,500 square metre pub at 1 Horsley Road, has been offered for sale since it opened in 1980. No price was declared, but market expectations are for more than $20 million given its proximity to the new airport and sought-after Fairfield area.
Born in the former Yugoslavia and having immigrated to Australia, Lubec and his wife Karen took up residence in Horsley Park in Sydney’s far west in what was largely farm land at the time.
Following a chance meeting with beer baron Edmund Resch, Valentine decided on building his own pub for the people of his area and for his family.
The locally famous watering hole sits on a rectangular corner site in the commercial precinct of the Horsley Park district. Sales agents HTL Property’s Andrew Jolliffe and Dan Dragicevich said transactional volumes for pubs are up dramatically compared with the same time period last year, and the market is hugely attracted to “scalable, improvable assets”.
Caringbah village
The Caringbah Shopping Village, a Woolworths-anchored neighbourhood centre in Sydney’s Sutherland Shire, is on the market for the first time since its development by a private investor, Knightly Holdings.
The centre, at 58 President Avenue, is anchored by a high-performing Woolworths supermarket, which is ranked 11th nationally and the number-one performer within its primary trade area.
Neighbourhood centres in metropolitan Sydney are very tightly held and, for that reason, only five neighbourhood centres between $50 million and $100 million have sold during the past five years. The site is located on a 1.2-hectare freehold site just 400 metres from Caringbah train station, and is one of only 15 freehold neighbourhood centres in Sydney within 500 metres of a train station on a site exceeding one hectare.
With Woolworths’ tenure having only one lease option remaining, investors have the chance to renew/extend the lease or reposition the site for large-scale mixed-use development in the medium term.
The current development by Conquest sits directly opposite the property and is a 10-storey mixed-use development, providing a strong precedent for future intensification. Philip Gartland, Lincoln Blackledge and Carl Molony from the Stonebridge Property Group are advising on the sale.
Brunswick Heads
The Brunswick, a boutique hotel in northern New South Wales is on the market after having been extensively renovated.
The freehold going concern at 2-6 Old Pacific Highway, Brunswick Heads, is being offered by private investors with the co-owner Kylie Anning saying the property was redesigned by Richards & Spence. No price was disclosed, but similar properties have broached about $7 million.
The adults-only retreat features 18 guest suites surrounding a resort-style swimming pool and deck, guest lounge, dedicated spa treatment room and conference room.
Occupying a substantial 2478 sq m site with dual street frontage, the hotel is moments from the Brunswick River and a short stroll to the village’s cafes and restaurants. In addition, there is a development approval in place for five more guest rooms, a restaurant and bar, a new swimming pool, and expanded parking.
CBRE Hotels’ Hayley Manvell and Taylor Morris are advising on the sale.
Auction deals
Three separate private investors are testing the market with assets across the Sydney metropolitan area. Leading the portfolio is a fully upgraded freehold hospitality asset at 6-8 Falcon Street, Crows Nest, secured by a new 15-year lease to the Hatena Group with two further five-year options extending to 2047.
The estimated net income is $397,759 per annum. The property is home to three venues – Yakitori Yurippi, Ramen Auru and Ichiro’s Japanese Sports Bar.
At Darling Harbour, Shop 1, 2-14 Bunn Street occupies a 193 sq m corner restaurant in one of Sydney’s most densely populated city fringe locations. It benefits from close proximity to The Star Casino and the soon-to-open Pyrmont Metro Station, surrounded by major projects such as the new Sydney Fish Market and Harbourside Residences by Mirvac.
Another is in the heart of Sydney’s “Little Asia” precinct, at Shop 8, 51 John Street, Cabramatta.
It comprises a 119 sq m strata retail space surrounded by banks, grocery stores and authentic eateries and is located about 150 metres from Cabramatta Station. Harry Bui and Joseph Lin from Colliers are advising on the sales that will be auctioned at the Cooley Auction Centre.
