Bill and Mario Gravanis are shaking up the shed again, listing their Sutherland Shire trophy property, the commanding Como Hotel.
Built 1878, the Como is a four-level suburban pub on 2,999sqm overlooking the Georges River and recreational parks, with a large street frontage and local following.
It incorporates multiple bars, a modern family-friendly bistro, gaming room with 15 entitlements, and ample outdoor spaces.
There is also a standalone function room on the top floor, with its own toilets, bar and kitchen and both an internal and separate carpark entrance, which could be operated as a separate business.
Como is a suburb of 4k residents in the fringe of Sydney’s south-west, surrounded by waterways. The Hotel enjoys exclusive trading catchment across Como as well as the surrounding suburbs of Oatley and Oyster Bay, with limited competition by way of pub or club competitors.
Upside is seen in opportunity to further expand and enhance the functions and events business, and in the gaming, being Band 1 (SA2), meaning the ability to increase machine holdings.
The Gravanis’ Oscars Hotels bought the Hotel from Riversdale in the dying days of 2016, and have built it to report weekly revenue of around $80-90k, boasting strong food and beverage departments.
But significantly, the Como has no accommodation.
Oscars has been readjusting priorities to focus on larger, accommodation-based assets, as seen in its overhaul of the Novotel at Brighton. Being ‘transactional’ on both the buy and sell side, they have similarly sold less suited assets, such as The Strand in Darlinghurst, the Empire in Annandale, and most recently, the Harold Park Hotel.
It’s expected the generously proportioned Como will fetch in the region of $20 million, and agents marketing the asset, HTL Property’s Dan Dragicevich, Andrew Jolliffe and Sam Handy, note the rarity of sales in the consolidated Shire.
“The area is under-pubbed compared to the rest of Sydney,” notes Dragicevich, “and generally, large-format venues are always strong traders and in turn tightly held.”
The freehold going concern of the Como Hotel is being sold via Expressions of Interest, closing Thursday, 15 September.
