Iconic Leopold Hotel & First Choice Liquor Market sold to NSW private investor by JLL
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Iconic Leopold Hotel & First Choice Liquor Market sold to NSW private investor by JLL
The 114-year-old Leopold Hotel sold by JLL Sean Flynn Director of Sales and Investments and Chloe Mason, Senior Executive of JLL’s Hotels & Hospitality Group.
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JLL PerthThe 114-year-old Leopold Hotel sold by JLL Sean Flynn Director of Sales and Investments and Chloe Mason, Senior Executive of JLL’s Hotels & Hospitality Group. -
JLL PerthThe 114-year-old Leopold Hotel sold by JLL Sean Flynn Director of Sales and Investments and Chloe Mason, Senior Executive of JLL’s Hotels & Hospitality Group.
The 114-year-old Leopold Hotel sold by JLL Sean Flynn Director of Sales and Investments and Chloe Mason, Senior Executive of JLL’s Hotels & Hospitality Group.
After more than 28 years of continuous ownership by the Buhagiar family during which time they first owner-operated and then leased out the property, the 114-year-old Leopold Hotel and the adjoining large format First Choice Liquor Market has sold to a NSW Private Investor amid border closures.
Following a very spirited on-market sale process which attracted a high number of enquiries and multiple bids, the sale was brokered by JLL’s Sean Flynn, Director of Sales and Investments and Chloe Mason, Senior Executive of JLL’s Hotels & Hospitality Group.
The property, which has a net income of $1,074,585, was offered 100% leased to Liquorland (QLD) Pty Ltd, a wholly owned subsidiary of Coles Group Limited with the sale showing an initial yield of around 6.8% and an improved rate per square metre of land of approximately $2,314.
Mr Flynn said, “We were pleased to be able to undertake the sale process for such an important client of JLL and having an opportunity to work on a rare large format liquor offering and combined pub within the same process was a bonus.”
“We also believe that achieving what was effectively a blended yield of around 6.8% for a combined pub and large format liquor offering was a great outcome for the seller,” Mr Flynn added.
Ms Mason said, “As expected, the sale process attracted substantial interest from publicans, investors and developers. If vacant possession was obtainable, I have no doubt this iconic pub would’ve fallen into the hands of one of WA’s competent pub operators or a local developer given its significant landholding of 6,828sqm.”
“The demand for local pubs is growing, particularly on the back of the extraordinary uplift in trading that publicans have witnessed over the last 12 months. It’s no wonder we had such strong interest from publicans,” added Ms Mason.
To request a sales analysis please contact either of the selling agents JLL Sean Flynn and Chloe Mason via the below contact details.
