The cornerstone Longueville Hotel is the latest is a procession of generational family exits to change hands, as long-timers the Campion family sell after nearly a century for reportedly close to $50 million.
Occupying a gateway site fronting Lane Cove Village in Sydney’s lower north shore, ‘The Longy’ serves a large catchment of more than 40k residents, with no immediate competition.
The up-market pub provides public bar and wagering, dining, gaming operation holding 27 entitlements, and 3am trading approval, generating average weekly revenue in excess of $160k.
The Campion family first bought a lease off Tooth & Co in 1929, before later acquiring the freehold. Third generation pub brat and current custodian operator Graham Campion literally grew up in the hotel.
It was taken to market through an invitation-only Expression of Interest process, citing opportunity to enhance the business through plans to reposition the basement bar, improve the gaming offering, and activate the first floor, which is both licensed and approved to operate 15 accommodation rooms.
The new owners are Patrick and Angela Gallagher, adding to the Gallagher Hotels stable of large-format operations, including the nearby Hunters Hill Hotel.
“It’s with a tinge of sadness but immense pride that the family are handing over the Longy to such respectful, exemplar custodians as the Gallaghers and we wish them every success with the next evolution of this wonderful business,” offered Graham Campion.
Pat Gallagher sold the group’s Royal Hotel at Ryde early 2021, and while he brings plans for the new asset, says there’s “nothing I want to reveal yet”.
“We are delighted to now consider the ‘Longy’ as part of the Gallagher suite of quality family hotels and thank the Campion family for the opportunity to continue the hotel’s legacy in this wonderful, supportive community.”
Sale was brokered through JLL Hotels’ John Musca and Ben McDonald, who suggest as the availability of such long-held assets continues to diminish, so will the transactions.
“The chance to acquire hotel assets commanding a monopolistic position in strong retail locations are worthy of ‘unicorn’ status and likely to be held by new buyers generationally,” says McDonald.
