Stevens family sold the London Hotel in Balmain through JLL Hotels' Ben McDonald.
JLL Hotels Senior Vice President, Ben McDonald delivers sharp result for long time owners Allan Stevens and family selling one of Balmain’s favourite pubs - The London Hotel.
In yet another example of long-term owners entrusting JLL with their prized hotel assets and adding further weight to what has been a record week of transactions for the national team, JLL Hotels & Hospitality Group is extremely excited to announce the exclusive, off-market sale of Balmain's famed London Hotel.
Having acquired the hotel in 1989 from South Australia’s famous Coopers Brewing family, private owners, the Stevens family, sought the expertise of JLL Hotels to maximise their divestment objectives for the pub they have lovingly owned and operated for 32 years.
Occupying a commanding corner position at the east end of Balmain’s Darling Street, the striking, Victorian- style Hotel is one of Sydney’s oldest pubs being built in 1857 and having operated non- stop since 1870. Under the watchful eye of Mr Stevens and his family, ‘The London’ has built a reputation as an unpretentious, family friendly local pub where everyone is welcome.
Exquisitely cared for by the owners, the hotel underwent a significant ‘refresh’ during the 2020 Covid-19 shutdown period and presents in great order with two separate bars, 10 gaming machine entitlements, kitchen and dining facilities, function room and disused first floor manager's residence ripe for transformation.
JLL Hotels Senior Vice President, Ben McDonald exclusively managed the sale and noted the strength of underlying property value, famed ‘institutional’ status of the hotel and ten valuable gaming machine entitlements as key selling points for the asset.
Mr McDonald commented; “By reputation, The London is certainly one of those inner-city, drawcard hospitality institutions that many seem to have a fond affiliation with. It’s authentic, pristine condition is a testament to the private owners who have played a big role in the Balmain community for a long period of time.”
Mr McDonald went on to add; “This sale continues to shine a light on the buy side requirements and demand for pub assets at all levels. Like our other recent sales, whether it’s the Great Northern Hotel in Byron Bay or the leasehold interest of the Haymarket Hotel in Sydney, current buyer depth is impressive with increased competition continuing to fuel growing asset prices.”
Family representative and Director, William Stevens commented on the sale saying; “As a family, we have thoroughly enjoyed our tenure at ‘The London’, making lifelong friends owning one of Sydney’s great hotels. We are thrilled with the sale outcome and couldn’t be happier for Ray and his team – they have certainly got a fantastic pub on their hands!”
The purchasers of ‘The London’ are a team headed by Mr Ray Reilly who is set to add the property to his growing stable of pub assets that include the Sydney Park Hotel in Newtown, White Cockatoo Hotel in Petersham, The Henson in Marrickville and the Sutton Forest Inn in the NSW Southern Highlands.
When asked regarding the best way to secure a hotel in this market, Mr McDonald, highlighted the importance of open, honest and frequent dialogue with JLL Hotels.
“The sale of ‘The London’ highlights the importance of hoteliers maintaining contact with the JLL Hotels team. As an example, this sale was agreed within five days of instruction with contracts exchanged shortly thereafter. By having a good understanding of the acquisition targets and desired prerequisites of hoteliers, the JLL Hotels team will source and facilitate a transaction to suit.”
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