Leasehold interest in the Glenquarie Tavern of Macquarie Fields, in Sydney’s booming south-west, has sold for a record-breaking $28 million, marking the first time it has ever changed hands.
Located on 5,574sqm in the retail heart of Macquarie Fields, adjacent to an Aldi supermarket and the Woolworths and Target-anchored Glenquarie Town shopping centre, the Tavern champions it is a “family-oriented” hotel and bistro, with weekly karaoke and live music, complementing its public bar, gaming room with 30 GMEs, function areas, outdoor terraces, drive-through bottleshop and a two-bedroom manager’s flat.
Vendors on the sale are owner-operators the Radford and Cullen families, who built it in 1975.
In March they offered it up for the first time in its 47-year history, looking to capitalise on the “extraordinary market conditions”.
A sales campaign on the operation offered a lease that included ownership of the hotel licence and GMEs, passing rent reflecting only 14 per cent of EBITDA, and fixed annual increases of 2.5 per cent, with no market rent reviews.
This leasehold sale tops that of the All Hands Brewing House in Darling Harbour in 2020, bought by Signature Hospitality for $20 million, also through JLL Hotels.
Agents would not disclose the buyer of the Glenquarie Tavern, but say the attractive lease terms were a key selling point in the deal.
“We continue to see astute hoteliers with a long-term investment lens and a keen eye for quality pursue assets at all levels of the transaction curve,” says JLL’s Kate MacDonald.
“This was an incredibly rare opportunity to acquire a family operated Top 100 gaming asset with over 25 years remaining on the lease,” added JLL’s Ben McDonald.
