Another De Angelis has taken the title to another big south-west Sydney pub, bringing the Ingleburn freehold and operation under one roof through Bonnie Hotels.
De Angelis Hotels & Investments (DHI) has been the established tenant at the Top100 Ingleburn Hotel, near Campbelltown, around 50 kilometres from the Sydney CBD.
In October the passive freehold owner put the asset to market for the first time in six decades, opting for an auction, scheduled to take place yesterday.
The 2,239sqm property is included in the proposed Ingleburn Precinct Plan, earmarked for future high-rise development to house the heralded population growth in the region.
Peter De Angelis recently acted on potential in the area, paying $35 million for Kent Walker’s opportunity-laden Raby Tavern and shopping centre, just eight kilometres from Ingleburn.
But locking in a deal on the Ingleburn freehold prior to auction, Marc and Meg De Angelis have shelled out $29.25 million through their Bonnie Hotels Group, which already counts the Bowral, Crown and Emperor, and Picton hotels.
The deal reportedly represents a sharp yield of 3.4 per cent.
De Angelis cites plans to re-staple the lease and freehold, and potential for capital works in 2020. He says the move to acquire the title while he had the chance was personal.
“I’ve got a lot of my long-term and long-standing staff at that Hotel. They’ve been with me ten years and beyond, so it meant a lot to us.”
