January 08, 2016 –Sydney’s metropolitan pub market continues to gain momentum, with a flurry of transactions pushing CBRE’s total transaction value 2015 in excess of $200 million.
CBRE Hotels transacted 15 hotel assets across the metropolitan Sydney market in 2015, including two of Australia’s largest gaming transactions for the year – the Oasis on Beamish in Campsie for $39 million and the Oxford Hotel in Drummoyne for $35 million.
CBRE National Director of Pubs Daniel Dragicevich said the strong transaction pipeline was evidence of strengthening demand for freehold hotel assets in prime locations.
“Obviously the large gaming transactions were a highlight but we were also involved in deals in such city fringe suburbs as Darlinghurst, Paddington, Redfern, Balmain and Petersham. This reflected strong purchaser appetite levels across the asset class, reaffirming confidence is not just confined to the bigger end of town,” Mr Dragicevich said.
CBRE Hotels also concluded a number of leasehold sales in metropolitan locations such as Chinatown and Westmead, as well as the only blue chip-tenanted freehold investment sale in New South Wales in 2015, with the sale of Northlakes Tavern in Charmhaven on the Central Coast.
“We see 2016 as another year of significant transactional activity as the fundamentals remain strong and the asset class continues to attract both current players and new entrants,” Mr Dragicevich added.
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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.