Firehouse pub sale to raze the roof as long-time owner sounds siren for last drinks
Capital gain
Having been a firefighting base for more than 100 years, then quenched the thirst for patrons for almost two decades, the popular Firehouse Hotel in North Sydney is being sold with price expectations of about $30 million.
Publican Mark Barry has decided to take advantage of the booming pub sector and is selling the freehold of the pub, having owned the building in 88 Walker Street since 2001. He oversaw its conversion in 2007 into a hotel spanning two levels, including an expansive first-floor outdoor terrace.
Constructed in 1895, the North Sydney fire station is a Victorian-designed property. In 2018, Barry sold the airspace over the hotel to developer Billbergia, which built North Sydney’s largest building a $121 million 35-storey tower above and beside it, encompassing the Citadines Walker North Sydney hotel, commercial offices and a rooftop bar.
The sale is being managed by Andrew Jolliffe and Dan Dragicevich from HTL Property.
Mollymook maison
A first-time entrant to the hospitality sector, Andrew Kennedy’s Maisons Hotel has snapped up the Motel Molly in the popular South Coast seaside township of Mollymook.
The area is known for its expansive beaches and was put on the map for foodies by chef Rick Stein’s restaurant in the Bannisters Hotel.
Motel Molly, at 2 Shepherd Street, is a boutique, near-beachfront accommodation hotel featuring 16 rooms. The previous owners, the Knox Group, opened the doors in the past few months of 2022 after a comprehensive refurbishment.
In Sydney’s eastern suburbs, the 42-room, six-storey boutique accommodation asset, UME Potts Point at 39A Elizabeth Bay Road, has been sold to Carpe Diem Partners, which recently bought the sister boutique site, UME Potts Point, for about $7.98 million.
The private fund is run by former Goldman Sachs banker Simon Wheatley and will add to its growing portfolio, which has a focus on developing more assets in the burgeoning co-living property sector.
The combined Mollymook and Potts Point sales were worth about $20 million.
HTL Property’s Andrew Jolliffe and Andrew Jackson advised on the sales, while Ray White Commercial also worked on the Potts Point deal.
Ampol HQ
Fuel refiner and retailer Ampol is raising cash through the sale of headquarters in the heart of Sydney’s south with a price tag of about $100 million.
The 9475-square-metre site at 29 Bourke Street, Alexandria, covers four levels with a six-year lease to the group. There is an architecturally designed atrium, advanced end-of-trip facilities and a six-star NABERS Energy rating.
The Colliers team of Michael Crombie, Adam Woodward, James Mitchell and Gillian Kaplan are advising on the sale.
Ampol is also selling a portfolio of 13 development sites around the country. Included is a mix of metropolitan and regional locations, spanning five states with sites ranging from 1265 sq m to 3073 sq m.
Included are properties Tumbarumba, NSW, and Portland, Victoria. They are undeveloped and come with flexible zoning in many locations.
The ASX-listed group told investors on Wednesday that its first-half earnings before interest and taxes were expected to total $400 million, compared with $502.1 million reported last year.
It said tighter refining margins and a 6.1 per cent fall in first-half sales volumes during the period were partly offset by stronger sales in its convenience retail operations.
The portfolio is being sold by Cushman & Wakefield’s Queensland-based Daniel Cullinane.
Area 53 deal
Known as Area 53, the 6.5-hectare site dedicated to life science and innovations in Sydney’s north has been bought by joint-venture partners Wentworth Capital and BlackRock for $200 million.
The property at 5-11 and 14 Julius Avenue, North Ryde, was the former home to CSIRO for nearly 60 years and other government tenants and is located within the Macquarie Park Innovation district, which is home to medical/pharma businesses including AstraZeneca and Cochlear.
It comprises 12,000 square meters of purpose-built laboratory space alongside 40,000 square meters of surplus developable land. There is a 95 per cent occupancy of which government tenants account for 70 per cent of rental income.
Nearby, Stockland topped out the 15 Khartoum Road site in its $2 billion mixed-use precinct known as MPark workplace in the Macquarie Park innovation district.
It will be the new Australian head office for the Johnson & Johnson Innovative Medicines and MedTech businesses.
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