JLL Hotels & Hospitality Group has today announced yet another pub sale and taking the total to three in the last week alone.

This time it’s the off-market sale of The Mill, Bondi Junction for JLL’s market leading pubs team with Managing Director, Ben McDonald and Senior Vice President, Kate MacDonald responsible for the sale.

Sitting within TWT Property Group’s mixed-use residential project and on the site of the former Mill Hill Hotel, the leasehold venue was newly built approximately four years ago and has quickly established itself as a key hospitality destination in Sydney’s affluent Eastern Suburbs.

Selling the hotel was prominent industry group, Universal Hotels, the hospitality vehicle owned and operated by the Kospetas family who were also recently identified as the buyer of the Evening Star Hotel in Surry Hills – that deal also brokered by JLL.

The attractive lease structure,16-year lease term plus well-balanced mix of trade via food, beverage and gaming was a drawcard for the private purchaser Barham Hamarashid who will take over operation of the venue in November.

The limited availability of pubs below $10m in Sydney’s East was also a key motivating factor behind the swift acquisition and closely follows JLL’s $12m sale of the much-loved Unicorn Hotel on Oxford Street, Paddington. 

Ben McDonald noted, “With publicans having a greater focus on earnings given the current lending environment and respective debt covenants, high cashflow leasehold assets are drawing greater interest from savvy hoteliers seeking to bolster their portfolio returns.”

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Surry Hills Evening Star sold - JLL Hotels