Bexley North Hotel has been listed for sale, offering the combination of a robust business with newly secured mixed-use redevelopment potential (STCA).
Located on an underutilised 4,234sqm block in the centre of Bexley North, around 21 kilometres south-west of the Sydney CBD, the Hotel is part of a retail complex, Woolworths and Bayside Council’s 150-space car park, opposite the train station.
A large-format venue enjoying an exclusive trading catchment, it is virtually unopposed by any other nearby pubs, and benefits from the high amount of foot traffic in its surrounds. It offers a public bar and wagering, bistro, gaming room with a full complement of EGMs, 20 accommodation rooms and a bottleshop, under a 24-hour liquor licence.
The operation reports annual revenue of $11.5 million and is ranked in Liquor & Gaming’s Top100, via the 15 entitlements and 15 permits.
The site holds Mixed-Use zoning, with 3:1 FSR and 35-metre height approval, but also almost half of the current trading footprint is a now dormant former nightclub. The large, unused space is said to be an ideal location for a revised gaming room.
Approval for ‘Gateway Determination’ was recently received from NSW Planning, which suggested a proposal for a two-tower mixed-use development comprising a pub, 50-room accommodation hotel, retail and 92 residential apartments should proceed, subject to the Gateway Determination’s conditions.
For two generations the pub has been in the hands of the Yang family, who admit they are “not necessarily developers” and see options for its future.
“Our family has owned and operated the hotel for over 40 years, and we have positioned both the business and development site for its next evolution,” offers Michael Yang.
The family is said to be equally open to either a joint venture partnership with a developer or passing the torch onto a suitable hotelier who, suggests licensee and shareholder Trevor Yang “will continue our philosophy of operating a family friendly pub for the local community”.
While no price guidance has been provided, sources suggest the pub and potential is likely to attract similar to that of the Pendle Inn, or the Strathfield Hotel sold to Iris Capital.
It is being marketed by pub brokers HTL Property’s Sam Handy, Dan Dragicevich and Andrew Jolliffe, in conjunction with Colliers International’s James Cowan and Trent Gallagher, who are said to be focusing on the development component, with the asset expected to draw a ‘broad spectrum of suitors’.
“These will range from hoteliers interested in reinvigorating the offering, through to developers, land bankers and investors attracted to the site’s strategic land holding, offering tangible and flexible redevelopment options,” says Handy.
Bexley North Hotel freehold going concern and development is being sold via Expressions of Interest, closing Wednesday, 13 September.
