After months of negotiation, Paul Irvin Hotels has sold to a hungry residential developer in a deal worth $50 million.
The freehold going concern divestment of the Bull & Bush Hotel is one of the biggest pub sales in years, with Dyldam Developments tempting the long-standing hotel group into parting with the Baulkham Hills landmark.
Speaking exclusively with PubTIC, Joe Irvin, director of Paul Irvin Hotels (PIH), said Dyldam courted them into parting with the top gaming pub.
“We have owned the hotel since 1996,” said Irvin. “It is sad to let it go after almost 20 years.
“We had no intention of selling, but received an unsolicited offer that was too good to refuse in these current times.”
The ‘Put & Call Agreement’ was signed Wednesday evening and will see PIH hand over the keys in 12 months.
The 13,268 square metre site currently has a large carpark and structures on less than thirty per cent (approximately) of its area, and is zoned ‘General Residential’ in a precinct slated for a city planner upgrade to transport, amenities and parks.
With height restrictions of 12.0 metres, Dyldam will – subject to Council approval – construct a multi-storey apartment block behind the hotel building.
The pub has a strong following and reputation as a venue for live music and sport, as well as the popular “Flaming Bull” food offering.
Dyldam will reportedly continue operation of the pub, currently turning over around $200k weekly. Its location between Parramatta and the burgeoning Hills district was pivotal to its desirability as a modern living residential development.
The $6 billion North West Rail Link is “Australia’s largest public transport infrastructure project”. Scheduled to open early 2019 it will bring six stations and a lot of new residents to the Hills Shire.
