Capital Gain
Crows Nest’s The Stoned Crow, one of the lower north shore’s best-known watering holes, is closing its doors on October 4, the bar’s current tenant, Arik Shifroni, has announced on social media.
“After 15 incredible years, our lease is coming to an end, and we’ve got one last month to celebrate The Stoned Crow – and what a 15 years it’s been,” Shifroni said in a post.
The venue at 39 Willoughby Road, once owned by pub baron Warwick Short in the 1980s, was a popular nightclub and bar before it sold to the current owners in 2011. The new owners transformed it into a neighbourhood bistro and craft beer destination.
The bar’s freehold owner and landlord is Procorp Developments, controlled by Peter and Francisco Procopio, property records show.
Crows Nest, a popular neighbourhood, has a major apartment development under way by Deicorp that is set to dominate the skyline.
A large-scale McDonald’s is under construction and another 500-patron multi-level bar, the Royal Crow, has been proposed by the Thomas Hotels group.
The longest-running pub in the area, the Crows Nest Hotel, is owned by ALH, part of ASX-listed Endeavour Group.
Royal Oak sells
The Ryan family pub empire has stormed into the upmarket Double Bay enclave after making an offer too good to refuse to the Royal Oak Hotel’s current owners, the Malouf brothers.
The Maloufs – Jamie, Justin and Ed – are believed to have pocketed a whopping $100 million in the deal. They owned the well-known watering hole for about 15 years as part of their Royal Hotels Group.
The pub is in the heart of the city’s most expensive real estate village at 28 Bay Street.
The deal marks the Ryan family’s return to Double Bay. They once owned the nearby Golden Sheaf for 50 years before selling out of the suburb almost 30 years ago.
A swag of other high-priced pubs have sold in the past year. The Oaks Hotel in Neutral Bay went for $130 million to Gallagher Hotels; the Merewether Surfhouse in Newcastle sold for $27 million and the MA Financial purchased three Hunter Valley hotels from Iris Capital for about $500 million.
The Ryans own the Tea Gardens, Ryan’s Bar on George Street, the Paragon Hotel and Ship Inn at Circular Quay, the Orient Hotel at The Rocks, and the Covent Garden Hotel in Chinatown.
HTL Property’s Andrew Jolliffe and Dan Dragicevich advised on the Royal’s off-market sale.
Dubbo deal
A newly built venue leased to fast food giants Guzman y Gomez and Domino’s in Dubbo is for sale with a price tag of about $6.5 million.
The property on the corner of the Mitchell Highway and Spitfire Drive is being offloaded by investor Davide Giansante. The 2336-square-metre corner site generates $294,324 a year and has a 15.4-year weighted average lease expiry.
ASX-listed GYG has an initial 20-year lease term until 2043, with fixed 3 per cent annual rent reviews.
Domino’s, also listed on the ASX, has an initial 10-year lease term until 2033, with fixed 2.5 per cent annual rent reviews and two further five-year options.
JLL’s George Daley and Jacob Heinke have been appointed to sell the property.
Coastal rush
IHG hotels has joined the rush to the Central Coast after signing two large-scale hotel deals to boost its regional footprint. The new hotels are part of mixed-use developments undertaken by Urban Property Group.
Hotel Indigo Gosford is expected to open in mid-2030, and will be part of Urban’s The Waterfront precinct. The 152-room hotel will have views across Brisbane Water, a cafe, bar, rooftop pool and wellness facilities.
In Newcastle, the Crowne Plaza is scheduled to open in late 2029, and will form part of Urban’s landmark mixed-use development adjacent to Newcastle Interchange. The 171-room hotel will sit within the 43-storey development alongside 219 residential apartments.
Australia’s largest hospitality group, Accor, said last week’s NFL match in Melbourne boosted occupancy by 25 per cent over the same period last year. Demand is likely to carry into next weekend when the AFL grand final is played at the Melbourne Cricket Ground.
Contact carolynannecummins@gmail.com
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