Northern Beaches Brookvale Hotel sold to generational hotel operator by JLL
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Northern Beaches Brookvale Hotel sold to generational hotel operator by JLL
Brookvale Hotel sold to Irvin Hotel Group following a keenly contested off-market, invitation only sale process managed by JLL Hotels Managing Director John Musca and JLL Senior Vice President, Ben McDonald.
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Northern Beaches Brookvale Hotel sold to generational hotel operator by JLL
JLL Hotels & Hospitality Group has today announced what is surely to be one of the last major metropolitan pub deals of 2022 with the sale of Brookvale Hotel on Sydney’s tightly-held Northern Beaches, following a keenly contested off-market, invitation only sale process.
The deal, which sees generational owners the Kelly family divest the Brookvale Hotel after nearly 25 years, will be judged as a ‘market maker’, highlighting the ongoing buoyancy of the industry and underpinning the continued pursuit for hotels as operating real estate assets that demonstrate value accretive characteristics for astute investors.
Situated in the heart of the new Brookvale Structure Plan Precinct, the hotel is identified as a new 30 metre height limit site facilitating substantial future development on this strategic 2,700sqm site. With 29 EGMs, efficient one service point layout and over 40 onsite car spaces, the ‘Brookie’ offered purchasers an impeccable and exciting operating opportunity.
The purchaser has been identified as the Irvin Hotel Group represented by Joe Irvin, generational owners of the nearby Time & Tide Hotel in Dee Why amongst a portfolio of 13 hotels nationally. Having acquired their first hotel in 1970 Paul Irvin, father of Joe, set about building a hotel portfolio spanning NSW and QLD following a career in pharmacy. The group is now managed by his son Joe, who has overseen a significant expansion into Queensland in recent years. The purchase of the Brookvale Hotel represents a welcome return to the Group’s Sydney roots.
Discussing the transaction, JLL Senior Vice President, Ben McDonald commented; “Situated on close to 3,000sqm of land and offering significant development scope following the introduction of the Brookvale Structure Plan, aimed at ensuring Brookvale becomes the employment and transport hub of the northern beaches, we are almost certain the best years of trade are ahead for the Brookvale Hotel.”
JLL Hotels Managing Director John Musca noted; “Hotels commanding a virtual monopolistic trading position in strong retail locations will always be highly sought after and Brookvale is no exception. We sincerely congratulate the long-standing and respected vendors and wish the purchaser the very best with the new acquisition. We have no doubt the hotel will generate heightened investment returns over the short, medium and long term.”
Mr McDonald noted: “Quality assets such as the Brookvale Hotel, with such outstanding underlying fundamentals and offering genuine opportunities to trade at scale are significantly diminishing in the market. We anticipate 2023 highlighting this further as ownership consolidation plays out.”
The sale adds weight to the record year for JLL Hotels facilitating over 80 transactions through its national platform and pushing total deal volume close to $1.3 billion for the 2022 calendar year.
To request a sales analysis please contact the selling agents, JLL Hotels Managing Director John Musca and JLL Senior Vice President, Ben McDonald.via the below contact details.
Northern Beaches Brookvale pub sold to generational hotel operator by JLL
