Chris Feros has put to market his booming Terrey Hills Tavern, as the king of the south continues his domination of The Shire.
Set atop one of Sydney’s most idyllic underdeveloped regions, a few kilometres inland of the upper Northern Beaches, the Terrey Hills Tavern occupies a whopping 15,870sqm between Mona Vale and Myoora Roads, with no direct competition in the immediate area.
These expand on his presence in Sydney’s south, which already included the big Rocksia Hotel and Taren Point Hotel.
Aiming to deploy further capital to the new ventures, Feros hopes to capitalise on the soaring Sydney market, with more than $600m in top-tier pubs having transacted over the past 18 months.
“Terrey Hills has been such a good pub for us, and as much as it’s hard to sell we have recently refocused our energies to our various business interests in the Shire, which is a lot closer to home for me personally,” explains Feros.
“We hope the next owners will enjoy the venue as much as we have.”
The hotel has been listed with price expectations north of $40m, managed by CBRE Hotels’ Daniel Dragicevich and Sam Handy, hot from the record-breaking $70m sale of the Beach Hotel in Byron Bay.
“Terrey Hills Tavern ranks alongside other Northern Beaches favourites such as the Newport Arms in terms of the scalable nature of the business and sheer size of the operations, which astute hoteliers will be drawn to,” offers Dragicevich.
Widely considered the geographic outlier and crown in the Feros portfolio, the pub does thousands of meals every week and sees annual revenue approaching $12m.
It is an iconic community focal point for tens of thousands of nearby residents, and known for live entertainment and local events.
Terrey Hills still incorporates large, often semi-rural blocks, with a growing collection of lavish houses and high net worth occupants. Areas enjoying ocean views are seeing land releases and master-planned development, such as that bringing 3,400 new homes in the adjacent suburb of Ingleside.
This aspect is expected to draw interest in The Tavern from an even broader spectrum of potential buyers, interested in the burgeoning region.
“They will range from hoteliers attracted by the secure $11.6 million annual cash flow, through to land bankers and developers, with the site’s large landholding offering future development and site amalgamation options,” suggests Handy.
The Terrey Hills Tavern is being sold via a national Expressions of Interest process, closing Thursday 26 October.