Glenn Piper has added another icon to the collection, sailing into the Commodore Hotel of McMahon’s point for around $29 million, following an invitation-only sale process.
John Azar’s Good Beer Company acquired the Hotel mid-2019 for around $18 million from Graham Campion, who had bought it from the fading Lantern Hotels in 2016 for around $14 million.
Commanding a corner on bustling Blues Point Road, it features a stylish bar, large outdoor terrace, gaming lounge, restaurant, and adjoining liquor store.
It also holds an approved DA to enhance the current offering through a revised gaming room, sports bar and alfresco dining options.
A pub first appeared on the site in 1854 in the form of a sandstone inn named Billy Blue. This was demolished around 1900, replaced with a Victorian building that became known as the Old Commodore. It too was demolished in the 70s, making way for the hotel that stands today.
Seen as something of a hospitality institution of the lower north shore, it is set to capitalise on the in-progress growth of North Sydney.
It is the first inner-Sydney pub acquisition for Piper, who burst into the sector at the start of 2020 with his purchase of the Thorpe institution, the Harbord (Hilton) Hotel, for circa $35 million.
Last year he furthered the trend, buying the Beach Hotel of Merewether.
Emanating from success in property investment, Piper says he is committed to creating destinations that honour their history and community, seen in his remodelling of the Harbord Hotel, paying tribute to Freshwater’s celebrated surf culture.
Set to take the keys to the ship in August, he plans to be “diving deep” into its past and future.
“Standing proudly on the corner of Blues Point Road, the Commodore Hotel is without a doubt one of North Sydney’s greatest pubs – and one with an incredibly rich and colourful history.
“I am honoured to continue the Commodore’s long legacy and excited to have the opportunity to elevate it into something really special that reflects the community today.”
The off-market sale was managed by JLL Hotels’ Ben McDonald, Kate MacDonald and John Musca.
“With genuine value-add potential via the approved DA, in addition to the compelling investment drivers, The Commodore was keenly pursued by those selected to participate in the sale process,” reports McDonald.
