Balmain Pub Group is divesting its popular Erskineville pub as it looks to further large-format venues for its growing portfolio.
The listing of the Swanson Hotel comes as Sydney’s inner-west continues its emergence as the food & bev hub of the city. Recent nearby sales of the Salisbury and Newtown hotels for north of $8 million are indications that the Swanson freehold going concern is likely to attract considerable interest.
Balmain Pub Group (BPG) director Nick Wills told PubTIC the Swanson has been good to them.
“It’s been a cracker of a venue. A fantastic pub,” reminisced Wills, who remained otherwise coy on the Group’s plans.
“We’ve got our eye on a couple of things, but I can’t say more yet. Somewhere in Sydney.
“We’re excited to launch our new Town Hall in mid-May … it’s going to be different to anything in Balmain. Quite unique,” posed Wills.
The Swanson recently underwent an impressive $1.25 million renovation, and as well as being positioned in foodie central is set to benefit from massive local development.
It is being marketed by CBRE Hotels’ national director Daniel Dragicevich, who notes the upcoming potential for the pub due to surrounding projects.
“Australia Technology Park has long been known as an inner-city ‘white elephant’, but Mirvac’s $263 million acquisition and additional $1 billion investment in development will reactivate the site and unleash its true potential.”
The Technology Park is already the location of Chanel Seven headquarters, and the development’s new anchor tenant will be the Commonwealth Bank, which plans to house 10,000 employees there. Atop the commercial upside, the area is slated to get a lot more ‘locals’.
“The Ashmore Estate’s master plan is one of inner-Sydney’s most significant developments, and the current residential population of Erskineville is set to double with the addition of 3,500 new apartments in the area,” furthered Dragicevich.
The Swanson Hotel national Expressions of Interest campaign closes Thursday, 21 April 2016.