The Brookvale Hotel has joined a distinguished list of pubs looking to capitalise on Sydney’s housing boom.
The Pittwater Rd site will be subdivided and the rear carpark and part of the hotel sold off, with a highly desirable DA already in place to develop the property.
Owners, the Kelly family, have secured approval for a five storey building, with retail and commercial space, offices, and 73 apartments.
The campaign is being managed by JLL’s Sam Brewer and Ben Hunter, and is expected to fetch around $15 million.
Brewer says the property will undoubtedly interest cashed-up developers – particularly as there is a shortage of ready-to-go residential prospects in the highly sought after area.
“This site offers an attractive proposition for developers, having development approval, being ready to construct, and the pre-sale market being so strong,” Brewer was quoted as saying in the AFR.
The Brookvale Hotel sell-off follows an increasing number of similar deals around the country. Recently, Paul Irvin Hotels sold the Bull & Bush for $50 million, with buyer Dyldam planning a large apartment complex behind the popular pub.
Similarly, the almost regal Imperial Hotel smashed price expectations in Melbourne, when the Robertson family sold it on an agonisingly tight yield of 3.6 per cent.