Arthur Laundy and new partners have teamed up to buy city-fringe local, the Woolpack Hotel, in Redfern.
The Laundy family has joined with new operators, specifically Aaron Crinis, proprietor of acclaimed North Sydney restaurant Glorietta.
The three-storey Federation Free Style Woolpack is a well-rounded business, with public bar and street seating, live music, gaming with 13 machines, bottleshop, and accommodation on the upper floors.
It will be Crinis’ first pub, bringing plans for an upscale foodservice and activation of the underused first floor and rooftop space (STCA).
Laundy has history in the area, finding success at the Royal Exhibition Hotel in the 60s, at the age of 25. The Royal, now run by Thomas Hotel group, is at 86 Chalmers St, less than a kilometre north of the Woolpack.
With the ink still drying on Laundy’s purchase of the Springdale Heights Tavern in Albury, for $22 million, the veteran publican was already entertaining co-investment in another operation with up-and-comers.
“It’s an interesting one … and a bit nostalgic,” Laundy said. “It came on the market and I had been looking around for these two lads, and they took a liking to it, so we said OK.”
Crinis has known a connection to the Laundys through his father-in-law, who is an old friend. The pub king has had the pleasure of dining at Glorietta and sees Redfern going in a good direction.
“The area is moving forward, and I’m looking forward to this new partnership. Aaron is a chef, and wants to learn pub game.”
The Woolpack was sold by former director of JLL Hotels, Geordie Clark, and business partner James Henty, who purchased it out of receivership in 2009 for $3.2 million. The pair operated it under full management and were looking to exit pubs.
“We have more than enjoyed our time at the helm of this exciting business, and in doing so have witnessed Redfern’s growth as a compelling Sydney suburb in which to operate a significant business,” offered Henty.
The Laundy-Crinis partnership is thought to have paid a price for the Woolpack in line with market guidance, circa $10-11 million.
The public on-market campaign through HTL Property’s Andrew Jolliffe, Dan Dragicevich and Sam Handy reportedly yielded 28 formal inspections, and five offers to purchase, from local and interstate buyers.
The title exchanged shortly after the EOI close, ending “a handful of selected parties battling it out for the prize at the end of the process,” according to Handy.
