The landmark PJ Gallagher’s Leichhardt has hit the market, as thirsty investors await the continuation of the 2015 bumper year in pub real estate.
Prompted by their own craving for expansion, the partnership of Patrick Gallagher and Jack Daly have listed PJ Gallagher’s at Leichhardt with plans to trade up to a larger format venue.
After four years operation and a $2 million refurbishment, Gallagher says the pub still holds considerable upside.
“It’s in a commanding position in Leichhardt, and certainly holds a presence on both Parramatta Road and Norton Street,” the Irish pub king told PubTIC.
“It’s a 1 bar operation that’s cheap to run, and it has a terrific late-night licence. We only finished renovating the function space just before Christmas, and haven’t really used it yet.
“When we moved in to Leichhardt, nearly every second shop was for lease, but it has changed significantly in the last few years, and the area is busy again.”
JLL director John Musca says Gallagher’s influence has been a strong factor in the venue’s sustained popularity.
“PJ’s, or Norton’s as it was known, has undisputedly always been Leichardt’s leading hotel, and the venue’s remarkable renovation and strategic position is clearly driving the trade growth.
“[It’s] another quality city fringe hotel, which will deservedly attract strong interest.”
Located on a corner block of approximately 600 m² the pub incorporates an indoor/outdoor courtyard, and 28 gaming machines – eleven of them under Permit.
It is being marketed via an Expressions of Interest campaign, closing Thursday, 7 April, 2016.