Patrick Gallagher has snapped up Hurstville’s Tiger Bar in a play to round out his growing Sydney-wide portfolio.
The king of the Irish bars has purchased the southern Sydney favourite for a reported $28 million from a syndicate that included the Nasser family.
Gallagher told PubTIC the Asian-themed pub, with its popular Korean restaurant, would not really suit a PJs banner, but fits well with the Group’s plans.
“We’ve been trying to buy hotels in strong positions in premium locations around Sydney,” said Gallagher.
“The Tiger Bar brings operational and geographic balance to our portfolio, and shows we can do anything from food outlets and restaurants to traditional pubs to gaming.
“We’re delighted to have bought in arguably one of Sydney’s most sought after operating locations.”
Gallagher Hotels now holds the keys at its award-winning home base the Union in North Sydney, several CBD venues and PJ Gallaghers pubs scattered around the metropolitan area, making a ‘baker’s dozen’ hotels in total.
“I’m eager to get off that number,” hinted Gallagher, who also admitted a PJs sign was in the future for Ryde’s Royal Hotel.
The off-market transaction of the recently renovated Tiger Bar, featuring a TAB, bottleshop and 30 EGMs, was managed by JLL Hotels’ national director, John Musca, who pointed out that such assets are historically “tightly held” and interest was high.
“The sale was a further insight into the depth of demand for the very best hotels in Sydney’s highest density precincts with burgeoning local business drivers.”
JLL’s marketing also noted the site also enjoys the gazetted 40-metre redevelopment height slated by Hurstville City planning.
While Gallagher does not have a history of pub property redevelopment, the opportunity could see him join the ranks of investors and operators such as Iris Capital and Dyldam Developments, rounding out successful hospitality operations with boutique residential.
