Merivale has snapped up its latest property, purchasing the Tennyson Hotel in Sydney’s Mascot.
The Sydney hospitality empire, which runs venues including the ivy, The Paddington, Mr Wong, The Newport, Coogee Pavilion, El Loco and the recently opened restaurant Fred’s, acquired the pub at an auction for just over $37million, SMH reports.
SMH reports this figure is a record for a hotel sale at a private auction.
Merivale is expected to transform the Botany Road venue – which is unaffected by the city’s lockout laws – to reflect the local area.
A statement issued to Hospitality reads, “Merivale has purchased the Tennyson Hotel on Botany Road, Mascot, continuing its program of expansion into thriving communities across Sydney.
“The hotel joins the Merivale portfolio in what has been the fastest period of growth in the group’s history. Over the past year, Merivale launched the first phase of The Newport’s landmark redevelopment and three new venues on Paddington’s iconic Oxford Street strip – The Paddington, Fred’s and Charlie Parker’s. It will shortly open its first inner west venue, Queens Hotel in Enmore, before working with local talent to re-open the Alexandria Hotel, the beloved Sydney pub that was saved from residential redevelopment, in 2017.
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“Further details and plans for The Tennyson Hotel will be announced in due course.”
According to real estate firm Ray White, The Tennyson Hotel was the highest ranking OLGR freehold going concern gaming hotel to hit the market in 2016 (as of the September rankings).
The site is also:
- #87 in September 2016 Gaming Rankings, with 30 PMEs (poker machine entitlements)
- DA approved (2016) for bar upgrades and alfresco gaming room conversion
- On a 1,423 square metre corner allotment on busy Botany Road and High Street
- Boasting development opportunities; short stay and residential accommodation (STCA)
- 1km from Sydney Airport and 8km from the CBD