As Redcape’s destiny continues to be the subject of speculation, the Group has quietly sold one of its inner western Sydney pubs to the Gravanis brothers’ diverse and acquisitive Oscars Hotels.
Located on the corner of New Canterbury and Livingstone Roads in Petersham, the Livingstone is a classic locals’ pub, offering rare onsite parking and 20 large accommodation rooms on the 910m² block.
Part of the revised Inner West LGA (Band 2), it holds 18 EGMs, a 24-hour licence and future development potential in a booming region.
Although once in the Top-100 of L&G’s list of NSW venues, at #444 it is something of an outlier in the Redcape Hotel Group portfolio, which is floating valuations around $700 million and includes some of the State’s top performers.
But in good company in burgeoning Petersham with the likes of Ray Reilly’s West Village (White Cockatoo), Joe Saleh’s Huntsbury Hotel and Dixon Group’s Oxford Tavern, the Livingstone stands to benefit from a diverse operator that can bring whatever it needs to thrive.
Oscars group general manager Damien Cameron declined to comment on any potential plans for the Hotel, but suggested good things will come in due time.
While no concrete news has yet emerged on negotiations over the high-value and increasingly profitable Redcape suite, the Group is believed to be close to a deal on the sale of its only Victorian asset, passive freehold of the All Seasons Quality Hotel in Bendigo, and now sheds the Livingstone for a good price sources say was approaching $7 million.
The transaction was brokered by JLL Hotels’ national director John Musca, who says the pub’s opportunities are numerous, including the possibility of relocation.
“The asset has real investment appeal as a mixed-use development site, a reinvigorated hotel or with the exciting potential to relocate the licence and gaming machines to a new site.”
