The Bayfield family is parting with their stately Light Brigade Hotel, as they head back to the beach.
Standing like a sentinel at the highest point in Paddington-Woollahra since the 1880s, the three-level pub occupies a prominent position with two street frontages, on the corner of Oxford St and Jersey Rd.
Beyond its proximity to the Oxford St retail precinct and Centennial Park, making it the watering hole of choice for many locals and shoppers, it already and will continue to benefit from the patronage of visitors to sporting and large-format concert events in nearby Moore Park, at the Sydney Cricket Ground or new $830 million Allianz Stadium. The Stadium boasts increased patronage, but also, a recent announcement by the State Government lifts the cap from four live concerts per year to twenty, expected to inject $180 million into the state and local economy.
The Bayfields also own and operate both the Dee Why and Belrose hotels, and purchased the Light Brigade in 2015. They executed a $5 million staged capex program, bringing about the hugely popular Light Brigade Rooftop, with uninterrupted views over Sydney Harbour. The operation has recently been granted midnight trading.
“It’s been a great almost 10 years at the Light Brigade, but we have decided to refocus on the northern beaches where we have a long history and multiple venues,” group CEO Kaine Bayfield reports.
Having mostly held hotels on Sydney’s northern peninsula, including the former Newport Arms, sold to Merivale in early 2015, they are not in a hurry to find another alternative.
“I haven’t thought about what we will do after the sale, but possibly renovations at Dee Why and Belrose, and then go from there.”
In line with a recent spike in pub real estate transactional activity across Australia, the Bayfields have fielded unsolicited approaches to buy by numerous parties. Sources suggest the property will likely fetch sale price of circa $20 million.
As “swathes of validation capital” exceeding $1.2bn has plunged into the sector in the past few months, exemplified by Charter Hall, PAG and Harvest, the family has engaged HTL Property’s Andrew Jolliffe, Dan Dragicevich and Sam Handy, who tip hot expectations by local, interstate and international buyers.
“The Bayfields have undoubtedly done a fantastic job developing out and repositioning the Light Brigade Hotel during their decade-long tenure,” says Dragicevich.
“As such, an incoming operator will take great benefit from the considerable behind-the-scenes investment made.”
The Light Brigade freehold going concern will be sold via Expression of Interest, closing Wednesday, 29 May.
