W. Short Hotel Group has acquired The former Courthouse Hotel in Redfern. Photo: suppliedThe pub sector is still attracting investors with a host of recent sales in and around Sydney’s inner suburbs.
One of the recent sales was the former Courthouse Hotel, Redfern, which was bought by the W. Short Hotel Group, owners of the nearby Tudor Hall Hotel. The hotel was sold for about $6 million with 15 poker machines and flexible trading approvals.
John Musca, the national director of JLL hotels & hospitality group, advised on the sale and said the experienced W. Short group hoteliers would revitalise and relaunch this historic premises.
Built in the 1920s, the former Tooth & Co hotel has been modified over the years and today operates with a ground floor bar and gaming room alongside converted retail shops with Domino’s Pizza and H&R Block as tenants.
Occupying a 440-square-metre site on the corner of George and Redfern streets, the hotel sits opposite the landmark Old Redfern Post Office built in 1882.
Mr Musca said with recent local small bar openings such as The Dock and Noble Hops within metres of the hotel, The Courthouse is positioned to evolve with the emerging Redfern hospitality scene and once again become a focal point for the burgeoning local community in this rapidly intensifying residential city fringe precinct.
W. Short Hotel Group’s principal Martin Short said the group was attracted to the Courthouse, “much like we were with the Tudor Hall”.
“We are really excited about engaging with the community in bringing this landmark venue back to relevance and further activating the area,” Mr Short said.
“This sale demonstrates that although Sydney hotel supply is constricting, opportunities still exist for astute operators and syndicators which has led us to transacting over $30 million of hotels in the past month,” Mr Musca said.
In Balmain, local investor Jon Adgemis bought the Exchange Hotel for about $5 million, which was conducted by Colliers International’s Miron Solomons and Vince Kernahan.