After nearly two decades and “a very emotional decision” Ray Reilly is parting with his beloved Surry Hills stalwart, Trinity Bar.
Located on Crown Street in the heart of city-fringe Surry Hills, Trinity Bar is a local favourite bought by the “fresh off the boat” Irishman Ray Reilly back in 1998.
“I was only 21 when I got in there,” Reilly recalled to PubTIC. “Trinity’s been a huge part of my life, and it was a very emotional decision to let it go.
“It’s been a dream to work there, in Surry Hills. I’ve learnt so much about the pub industry, the trade, Sydney, and life in general.
“But it’s been nearly 20 years, and I feel it’s time to put my energy into something else. I’ve got my eye on a couple of inner-west pubs, and close to settling on one.”
The Trinity Bar freehold going concern is being marketed by CBRE’s Daniel Dragicevich and Ben McDonald, who point to its broad business mix and strong underlying property value.
Speaking to PubTIC, CBRE national director Dragicevich says there is increasing interest in diversified revenue businesses amongst hoteliers and investors – particularly in the sub-$10 million bracket.
“Opportunities to acquire inner-city freehold hotels of such calibre are becoming rarer and rarer, as hoteliers compete with buyers from various other segments for prime properties,” suggests Dragicevich.
“We’re expecting a mix of traditional hoteliers and commercial property investors to participate.”
Responding to the suggestion the Surry Hills boom may have peaked, Reilly – who is currently flat out running his Marrickville gastro-pub, The Henson – says it ain’t so.
“Surry Hills is such a top area … it’s got too much going on to be anything but a top destination in Sydney.”
Reilly wouldn’t disclose his upcoming acquisition, but let slip it was not far from his award-winning Henson (the pub that wasn’t really a pub that’s now one of the best in the inner-west).
The Expression of Interest campaign on the Trinity Bar closed Thursday, 12 May 2016.