Another big western Sydney pub has sold, with a private family the latest riding the gravy train on skyrocketing values through sale of their rail-side Pendle Inn Hotel.
Established in the 1950s by the vendors, the pub’s sale now represents the first in its history.
It occupies an impressive 7,564sqm site opposite the Pendle Hill train station, providing public bar, bistro, gaming room with 30 machines, outdoor terraces, large drive-through bottle shop and accommodation rooms.
It also offers the freehold owner future town centre development scope, with favourable zoning and height limit.
Pendle Hill is in Sydney’s greater west, around 30 kilometres out of the CBD, and the gaming operation enjoys an expected level of success, currently ranked #139 on the Liquor & Gaming list of NSW pubs – slightly down from its three-year average of #110.
Private sale of the asset has now been announced to an unnamed buyer, for a price believed to be around $70 million, according to The Australian to the keepers of Burwood’s Avondale Hotel, headed by Mark Duggan.
Duggan is understood to have been seeking suitable development opportunities connected with hotels, in the style of Sam Arnaout’s Iris Group.
PubTIC was unable to make contact with Duggan prior to publication.
“It is particularly fulfilling when you can drive great results for respected and long-time industry stakeholders and in doing so, present such a wonderful opportunity for the incoming hotelier,” offered JLL Hotels’ Ben McDonald, who managed the transaction with colleague John Musca.
