The De Angelis family has completed sale of its Bligh Park Tavern to another prominent hotel dynasty.
Peter De Angelis’ family have owned the hotel for nearly two decades, amid a growing pub portfolio throughout greater Sydney, counting Burwood’s Bath Arms, Macarthur Tavern in Campbelltown and Green Valley Hotel in Miller.
Last year they bought the Raby Tavern and shopping centre from the Walker family and last month the Macquarie Hotel in Liverpool from Monarch for around $43 million.
The nature of the portfolio expansion around south-west Sydney found Bligh Park a “bit of a geographic outlier” De Angelis noted when it came to market in February through HTL Property.
“Our family has had the Bligh Park Tavern for the last 18 years and have thoroughly enjoyed our association with the area during this time,” he said of the sale.
“We sincerely wish the purchasers every success and thank the HTL team for their tireless efforts to achieve a result that is testament to our tenure in the asset.”
Bligh Park Tavern is a large and prominent suburban freehold within a catchment of 12,250 residents in the north-west Sydney growth corridor, slated for over 250,000 new residents in coming years. It offers a beer garden, gaming, kid’s playground and ample parking. Figures report more than $4.3 million in annual revenue.
The original sale process was put on hold for a time during the height of the pandemic, but a transaction has now been finalised through HTL’s Dan Dragicevich, Andrew Jolliffe and Sam Handy, who note the significance of the sale in the current environment.
“The Bligh Park Tavern is one of the first pubs to sell after the COVID-19 restrictions and reinforces the industry’s patent resilience in the face of the global health and economic crisis,” says Dragicevich, HTL’s national director.
“Sales such as this demonstrate clearly that valuations have held up strongly over the period and there is well and truly still an equitable and liquid market for vendors and purchasers to participate in.”
Bligh Park follows recent sales through HTL of the North Nowra Tavern to Damien Kelly and the Macquarie to De Angelis.
HTL MD Andrew Jolliffe proffers it is “dynamic revenue levers” such as food, beverage and gaming, and their benefits as cashflow generators, that are bringing strong results in hotels ahead of comparable asset classes.
