Marvan Hotels has divested the Lidcombe Hotel - one of Sydney’s top gaming pubs – for s sale price of circa $36 million.
CBRE Hotels’ Daniel Dragicevich and Sam Handy negotiated the sale on behalf of Marvan Hotels, headed by well-known Sydney publican Marcus Levy.
Mr Levy has owned the hotel for eight years, during which time it has undergone significant renovation and reconfiguration with a particular focus on the bar and gaming offering. This has seen the hotel rapidly rise up OLGR’s coveted TOP 200 gaming rankings list.
The pub is strategically located adjacent to Lidcombe train station and is within one of Sydney’s highest performing gaming precincts, boasting two other top gaming hotels and one of Sydney’s strongest gaming clubs.
The 782 sqm site also offers significant redevelopment potential underpinned by its B4 mixed-use zoning, 36 metre building height approval and attractive FSR ratio of 5:1. The hotel features a 24-hour liquor licence with a rare three-hour gaming shutdown.
CBRE Hotels National Director Mr Dragicevich commented; “The Lidcombe Hotel is a true A-grade hotel asset and the price achieved is testament to the scarcity of hotels of this quality. We are optimistic that the strong current market will continue into 2017 with stable investment fundamentals, limited supply and attractive yield spreads underpinning continued interest in the sector.”
Mr Dragiceivich added; “Marcus has done a great job adding value to the asset over the last couple of years and the venue will no doubt continue go from strength to strength under the guidance of the new owner.”
Marvan Hotels has numerous other venues across metropolitan and coastal New South Wales including the Westmead Hotel, Evening Star Hotel, the Sea Breeze Hotel in Nelson Bay and the The Flynn in Sydney’s CBD.
CBRE Hotels Director Sam Handy added; “This transaction follows a frenetic finish to 2016 whereby ten top Sydney gaming Hotels sold over the last three months of the year delivering $293 million in sales. CBRE Hotels were involved in five of these transactions with notable sales including the Ambarvale Hotel ($21.5m), Uncle Bucks ($25.3m) and the Waterworks Hotel ($17.3m).”
CBRE Hotels’ Daniel Dragicevich and Sam Handy negotiated the sale on behalf of Marvan Hotels, headed by well-known Sydney publican Marcus Levy.
Mr Levy has owned the hotel for eight years, during which time it has undergone significant renovation and reconfiguration with a particular focus on the bar and gaming offering. This has seen the hotel rapidly rise up OLGR’s coveted TOP 200 gaming rankings list.
The pub is strategically located adjacent to Lidcombe train station and is within one of Sydney’s highest performing gaming precincts, boasting two other top gaming hotels and one of Sydney’s strongest gaming clubs.
The 782 sqm site also offers significant redevelopment potential underpinned by its B4 mixed-use zoning, 36 metre building height approval and attractive FSR ratio of 5:1. The hotel features a 24-hour liquor licence with a rare three-hour gaming shutdown.
CBRE Hotels National Director Mr Dragicevich commented; “The Lidcombe Hotel is a true A-grade hotel asset and the price achieved is testament to the scarcity of hotels of this quality. We are optimistic that the strong current market will continue into 2017 with stable investment fundamentals, limited supply and attractive yield spreads underpinning continued interest in the sector.”
Mr Dragiceivich added; “Marcus has done a great job adding value to the asset over the last couple of years and the venue will no doubt continue go from strength to strength under the guidance of the new owner.”
Marvan Hotels has numerous other venues across metropolitan and coastal New South Wales including the Westmead Hotel, Evening Star Hotel, the Sea Breeze Hotel in Nelson Bay and the The Flynn in Sydney’s CBD.
CBRE Hotels Director Sam Handy added; “This transaction follows a frenetic finish to 2016 whereby ten top Sydney gaming Hotels sold over the last three months of the year delivering $293 million in sales. CBRE Hotels were involved in five of these transactions with notable sales including the Ambarvale Hotel ($21.5m), Uncle Bucks ($25.3m) and the Waterworks Hotel ($17.3m).”
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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 (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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 (based on 2015 revenue). The company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
