The expanding LocalsCo has added the landmark Bayswater Hotel to its collection of high-profile assets.
The 123-year-old heritage-listed hotel resides on 6,452sqm between the Perth CBD and Airport, within Development WA’s Metronet East redevelopment area, boding an upgrade of the Bayswater Train Station.
The pub counts three bars, a café, large format restaurant, function area, TAB, drive-through bottleshop and a 40-room motel.
This is the first time the combined freehold and business have changed ownership in more than 40 years.
LocalsCo is Dave Allan and Lawson Douglas, who have found acclaim at their existing historic large-format hospitality venues, such as the Subiaco Hotel, Bunbury’s Rose Hotel, and Kalgoorlie’s Exchange Hotel, plus the recently completed purpose-built Treendale Farm Hotel in Australind.
“The Bayswater Hotel is a beautiful pub with a rich history that is going to continue to be an important and integral part of a refreshed suburb and community hub,” offers Douglas.
“Our venues are always about the locals and the Bayswater Hotel will be no different. The purpose of a pub is to serve its local community and form a valuable meeting place.”
Anticipating an evolving demographic in the region, Douglas says the wishes of the local community “will drive every decision we make” and any considerations will reflect community needs.
Allan says they’re “excited” to be custodians to the iconic pub through its next era.
“The Bayswater is a cherished local institution and we want to ensure it retains its significance as the community’s local pub but with a refreshed offering suitable for the changing demographics of the surrounding area.”
A sales campaign through JLL’s Chloe Mason and Sean Flynn reportedly generated more than 120 enquiries and multiple bids, attracting high net worth investors, syndicators and developers, beyond experienced publicans.
“This transaction further highlights the underlying strength of investor appetite for suburban hotels that exhibit compelling fundamentals,” says Mason. “We anticipate such interest will continue to intensify next year as the hospitality trading environment continues to prosper.”
