Sydney

Engadine Tavern to tempt hoteliers, land bankers and developers

One of Sydney’s landmark suburban freehold pubs, the Engadine Tavern, has been listed for sale with a price tag of around $27.5 million.

07 Mar 2018

One of Sydney’s landmark suburban freehold pubs, the Engadine Tavern, has been listed for sale with a price tag of around $27.5 million. 

The hotel and adjoining sites have been placed on the market by the Liddy family after some 39 years of ownership. The sale coincides with bullish conditions in the Sydney freehold pub market, which has seen approximately $900 million in top tier pubs change hands across 32 separate transactions over the past 24 months. 

CBRE’s Sam Handy, Daniel Dragicevich and Ben Wicks have been exclusively appointed to steer the campaign, which follows their recent divestment of the Rocksia Hotel in Arncliffe. 

The Engadine Tavern is virtually unopposed in terms of competition, enjoying an exclusive trade catchment area of an estimated 40,000 surrounding residents. The hotel features a 1am liquor licence, 26 gaming machines and generates well diversified revenues in excess of $7.4 million per annum. It also has an expansive dual floor trading footprint with an approved capacity for 925 patrons. 

CBRE Hotels NSW Director Sam Handy commented: “The Engadine Tavern ranks alongside the recently built Prince Hotel in nearby Kirrawee in terms of the scalable nature of the business and sheer size of the operation which hoteliers will be undoubtedly drawn to.”

The hotel is located on a combined landholding of 5,576sqm within the main town centre of Engadine, with surrounding retailers including Coles, Woolworths, ALDI and IGA. 

The three sites sit across five lots, offering immediate mixed-use redevelopment potential subject to the relevant planning approvals underpinned by their B3 Commercial Core zoning, 20 metre height approval and attractive FSR ratio of 2:1. A comparable sized development site directly opposite, which sold last year, has DA approval for 115 apartments across six storeys. The project is marketed as the Gallery at Engadine apartments. 

CBRE Hotels National Director Daniel Dragicevich said: “We anticipate that the campaign will generate interest from a broad spectrum of buyers. This will range from hoteliers interested in reinvigorating the offering through to land bankers and developers attracted by the sites large landholding offering flexible redevelopment and site amalgamation options.”

“There is a distinct lack of supply of recently developed apartments within Engadine as evidenced by the strong response to the Gallery at Engadine apartments release.”

The hotel is for sale via a national Expressions of Interest campaign closing at 5:00pm on April 4, 2018.

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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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 450 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.

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About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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 https://www.cbre.com.