JLL Hotels & Hospitality Group has today announced the sale of the Salisbury Hotel in Stanmore for $17 million as the pub transaction environment gathers momentum leading into the final quarter of the calendar year.

JLL Senior Vice President Kate MacDonald and Executive Vice President Ben McDonald exclusively managed the on-market sale process with the agents confirming it as one of the busiest campaigns of the year.

The sale sees the stakeholders, led by industry identities Ged Dore and Trish Larkin, end a near decade long association with the pub having undertaken a substantial refurbishment of the art deco property during their tenure creating a thriving community hub and sought-after meeting place in Sydney’s inner west.

“It’s been an amazing journey rebuilding a beautiful classic community hotel that represents the whole community.” Mr. Dore commented. “With, as always, a touch of sadness we wave her goodbye and are happy it has landed in the hands of someone who appreciates her and the community.”

The purchaser has been identified as Matthew Sweeney who also owns and operates the famous O’Brien’s Hotel in Narooma on the NSW south coast. Mr Sweeney is said to be “absolutely thrilled” with the purchase and is set to pick up the keys to the Salisbury just before Christmas.

JLL’s Senior Vice President Kate MacDonald noted, “At a time when pubs are facing proposed legislative changes specifically around gaming, the Salisbury attracted great interest from Sydney based hotelier’s and groups given it’s sought after mix of trade across food & beverage, 15 gaming machines and 20 accommodation rooms averaging in excess of $95,000 per week.

It’s a fantastic community hotel which the owners have undeniably poured their hearts and souls into, and we wish the purchaser every success in building on the great business and reputation of the pub.” Ms MacDonald added.

JLL Hotels’ Executive Vice President Ben McDonald highlighted the ongoing resilience of the pub sector from a trade and transaction point of view despite the broader economic environment both offshore and locally.

“As we enter what is traditionally one of the busiest periods of transaction activity in the pub sector, we are buoyed by the level of unfulfilled capital still seeking opportunities in the asset class. We look forward to assisting those parties and formally announcing a number of transactions across NSW in the near term.”

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