City-fringe companion the Friend in Hand of Glebe has returned to market, as Marcello Colosimo’s Momento maintains impetus on its north-west expansion.
The corner local keeps a large trading footprint and revenue-producing space across two levels. It saw an extensive renovation and refurbishment in 2021.
It was purchased mid-2022 by Momento from Wallaby publican Bill Young, who had himself bought it in 2019, returning the title to the family, with his father having previously owned and operated it in the 80s and 90s.
Momento has capitalised on the pub’s proximity to the city and universities to use it as something of a recruitment and training ground, on-boarding future additions to the family-run operation.
Engaged in further developments in its core district, in the north-west Sydney growth corridor, where it owns and operates a stable of large-format hotels, Momento Hospitality has transferred the Friend’s gaming licences. The pub holds a midnight liquor licence with early opener flexibility, making it well suited to a food & beverage operator.
Located on Cowper Street close to Broadway Shopping Centre and Sydney fish Markets, and adjacent to the more than 200 new apartments in West End Residences as well as numerous other large-scale housing developments, the Friend stands to capitalise on explosive growth and demand drivers.
An entry level city-fringe freehold, the prominent hotel also holds solid underlying land and building value.
Sources suggest it may see sale price of circa $6 million, while marketing literature speaks of a “committed vendor” ready to meet the market, with all genuine offers considered.
Colosimo has engaged HTL Property’s Sam Handy, Blake Edwards and Andrew Jolliffe to market the freehold going concern.
“The fringe of Sydney’s CBD continues to show strategic investment opportunities, underpinned by valuable and versatile commercial land holdings and frequently blessed with robust hospitality businesses,” says Handy.
Glebe’s Friend in Hand is being sold through an Expressions of Interest campaign, closing Thursday, 5 September.
