Hot on the heels of the recent sale of Balmain’s Town Hall, and listing of North Sydney’s historic Greenwood, Balmain Pub Group announce the sale of its inner-west Swanson Hotel.
Located on Swanson St, Erskineville, the former Kurrajong Hotel saw an extensive refurbishment under Balmain Pub Group (BPG) that introduced a new 80-seat restaurant and gastro-pub menu and sleek cocktail bar to the burgeoning city-fringe community.
As per disclosure from BPG founder Nick Wills when the Greenwood hit the market, the group is re-evaluating its Hotel portfolio following the passing of a major partner, and eying some larger operations.
The off-market sale of the Swanson achieved $7 million, to an experienced player in Sydney pubs currently managing his own expansion in the industry.
Erskineville is experiencing a renaissance, swept into the foodie revolution, and destined for major population increases in both the 17Ha Ashmore Estate, slated to deliver 6,000 new residents in 3,500 new apartments, and Mirvac’s redevelopment of the Australian Technology Park, bringing thousands of employees with anchor tenant Commonwealth Bank alone.
The divestment was managed by CBRE Hotels’ Sam Handy and Daniel Dragicevich, who anticipate big things from the suburb in coming years.
“Erskineville is strategically positioned between two of Sydney’s hottest food and beverage precincts, being Newtown and Alexandria,” says Handy.
“The incoming purchasers have extensive hospitality experience and clearly possess the necessary skill-set to elevate the Swanson Hotel into one of the area’s best pubs.
“The influx of from the Ashmore Estate precinct and 10,000 CBA workers from the Australia Technology Park will turn the once sleepy village atmosphere into one of Sydney’s most dynamic precincts.”
