SALISBURY FOR SALE IN INNER WEST

In On the Market by Clyde Mooney

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The reinvigorated Salisbury Hotel has come to market, ready to reap the benefits of a big renovation and the cauldron of Sydney’s inner west.

The Salisbury stands three storeys on the main high street of Stanmore, on a good sized 800sqm block, just 100 metres from Stanmore station, and three kilometres from Sydney University.

It enjoys a strong mix of trade in a precinct that has come to see over 35,000 people flock in of a Saturday night – up 65 per cent since 2012, largely due to the CBD lockout laws.

Around three years ago it was bought by investors, with operations headed by well-regarded career publican Ged Dore.

The team executed a multi-million-dollar renovation, completed in 2016, but the 22 accommodation rooms are yet to be activated, and there is potential in some reconfiguration of the gaming.

After years of record activity Sydney’s pub market continues to be undersupplied, with cost and availability of capital, coinciding with beneficial regulatory conditions, driving yield compression.

The private owners have determined the timing is right to realise accretion in the asset, and have enlisted HTL Property’s Andrew Jolliffe and Dan Dragicevich to market the freehold going concern.

“The Salisbury Hotel presents an outstanding opportunity for the astute investor to purchase a substantial commercial property holding, with a reliable cash flow business and clear operational upside,” says Dragicevich.

“Assets that present such compelling investment fundamentals in attractive locales such as Stanmore are rare, and we expect significant buyer interest.”

The Salisbury Hotel is for sale via Expressions of Interest, closing Thursday 4 October.