The Kelly family has capped a record year for the pub sector, selling its northern beaches institution the Brookvale Hotel to Irvin Hotel Group for a reported $42 million.
The large suburban pub on 2,700sqm on arterial Pittwater Road provides a classic public bar with single service point, gaming room with 29 EGMs, and over 40 off-street parking spaces.
Significantly, it is central to the new Brookvale Structure Plan Precinct, granting the pub’s site a new 30-metre height limit.
This greatly increases future development potential, coming after the Kellys sold a roughly 3,400sqm portion of the Hotel’s original site for around $15 million in 2019 to developers, who have since completed a five-storey residential structure at the rear.
Bookending another record year for pub real estate, reporting a whopping $2.2 billion of assets changing hands, Joe Irvin’s Group adds to its collection of more than a dozen venues in NSW and Queensland, including the nearby Time & Tide Hotel at Dee Why.
The Kelly family paid $4.6 million for The Brookie in 1998, and still hold title at Kensington’s The Doncaster.
“My family is absolutely rapt,” reports Charles Kelly.
Ending nearly a quarter century of ownership, Kelly entrusted JLL Hotels to manage what he says was a “succinct, efficient” sales process through the agency’s John Musca and Ben McDonald.
