Rich Lister snaps up 195-year-old Wisemans Ferry Inn
Billionaire property tycoon Sam Arnaout has added the 195-year-old Wisemans Ferry Inn Hotel on the banks of the Hawkesbury River north-west of Sydney to his fast expanding hospitality empire.
It is understood Mr Arnaout’s Iris Capital paid around $10 million for the heritage pub, which was offloaded by former Wallaby Bill Young and his family after nearly two decades of ownership.
The sale comes amid expectations national pub sales will again exceed $2 billion this calendar year.
Dating back to 1827, the sprawling inn on half a hectare of land on Old Northern Road, was built by Solomon Wiseman, a British convict who was sent to the colony of NSW in 1806 as a reprieve from a death sentence for stealing.
Here, after being pardoned and following numerous business adventures, Wiseman received a grant of 200 acres of land in about 1819 that would become the town of Wisemans Ferry and where he would make his fortune from farming and inn keeping.
The present day inn includes part of Cobham Hall, the original home of the Wiseman family which is now a museum. There are also 11 accommodation rooms and a bistro.
For Mr Arnaout, the latest acquisition adds to more than two dozen venues owned and operated by Iris Capital, including Hotel Steyne and the Ivanhoe Hotel in Manly and the Bourbon and Empire hotels in Potts Point.
Alongside this Iris Capital’s development arm is undertaking big mixed-use apartment projects in Sydney, Newcastle and the Gold Coast.
The acquisition of the Wisemans Ferry Inn follows Iris Capital paying around $80 million for the 104-year-old Strathfield Hotel in Sydney and $63 million for Casino Canberra in July.
Also in July, Iris Capital acquired five properties in Alice Springs – three pubs and two accommodation hotels – for a combined $75 million.
Mr Arnaout debuted on the Financial Review Rich List this year with a personal fortune of $1.89 billion. He bought his first pub, the Horse & Jockey in Homebush more than 20 years ago after starting out in property flipping houses in Sydney’s west.
For the vendor, Mr Young, who played 46 games for the Wallabies, the sale of Wisemans Ferry Inn follows Young Hotels buying the Bar Broadway hotel in Chippendale on the city fringe for $37 million in August.
In May, Young Hotels sold the Friend in Hand Hotel in Glebe in the inner west for $11 million.
HTL Property’s Andrew Jolliffe and Dan Dragicevich brokered the sale of Wisemans Ferry Inn Hotel on behalf of Mr Young.
“Recent development plans for considerable private investment in Wisemans Ferry and the surrounding area, including the extraordinary $150m Wisemans Surf Lodge, are illustrative of the capacity for Sydney fringe assets to enjoy significant incremental revenue inflows” said Mr Jolliffe.
According to HTL, total pub this calendar will easily exceed $2 billion this calendar year.
