The sprawling Vineyard pub and surrounding land in Sydney’s north-west – said to be one of the country’s largest at about 8 hectares – is on the market after 40 years of ownership, with price expectations of about $60 million.
The decision to sell the 76,900-square-metre Vineyard site was made to allow a new generation of owner in the Stanford family to take advantage of the growth in the region and look to redevelop the site. Currently, the pub comes with 57 motel rooms and there is an approval for a further 84 rooms on the surrounding land.
Located on the busy Windsor Road, Vineyard, the site is a walk away from the new large residential sites including the Gables, Box Hill and Hills of Carmel in the north-west growth corridor.
The Vineyard Hotel complex is spread across almost 8 hectares.
The Stanford family are long-term pub operators, with the Carousel Inn Hotel at Mt Druitt, which sits on 22,000 square metres, and the Riverstone Hotel in Riverstone in its portfolio. They have engaged HTL Property for the sale.
It is the latest pub sale across Sydney and NSW regional areas, where more than $100 million of assets have changed hands in the past month, despite lockdowns.
“Australia-wide, the traditional hotel asset class has performed exceptionally well, notwithstanding the broad challenges imposed upon all business models, and irrespective of any travel restrictions, the sector has enjoyed its best calendar year to date on record,” HTL Property managing director, Andrew Jolliffe said.
Vineyard Hotel owner Glen Stanford said the family have been proud owners and operators of this suburban hotel for “four prosperous decades”.
“Whilst we have been consistently rewarded by the growth of both the business and surrounding population base, we recognise the time is now upon us to hand the baton across to a new owner to chart the asset’s course for the next 40 years.”
HTL Property national director Dan Dragicevich said the scale of the land holding lends itself to a level of additional and mixed-use flexibility not common anywhere else on the national landscape, “let alone within the boundaries of the country’s largest city”.
“The opportunity to reshape the size and complexion of the business to meet the demands of the proximate and exploding population base within the immediate area underwrites the investment thesis for capital expenditure deployment moving forward,” Mr Dragicevich said.
HTL Property managing director Andrew Jolliffe said the traditional hotel asset class has performed exceptionally across the country, all things considered.
In Sydney, pub operator Ashton Waugh has followed the sector’s veteran Arthur Laundy into the Waterloo market after snapping up the Grosvenor hotel for $8.5 million from overseas-based vendors. Mr Laundy and partners bought Redfern’s Woolpack Hotel in July for about $10 million.
This will add to Mr Waugh’s purchase earlier in the year of the Hampton Court Hotel in Kings Cross.
“The Waterloo catchment is set to undergo an exciting transformation over the next 10 – 20 years, and the buyers were both motivated and deliberate regarding securing a trading platform so close to so many large scale urban renewal projects,” HTL Property director Blake Edwards said.
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