Industry veteran Arthur Laundy has swooped in on the Oxford Hotel for $42 million, two weeks after it hit the market.
The Oxford Hotel sits on a 974sq m corner site land parcel with three street frontages, the largest of which fronts the arterial Victoria Road.
Laundy and his fellow crew of industry veterans, the Singleton, Whtye and Carnegie consortium, offloaded the Hotel Steyne on Manly's waterfront last month for $60 million.
On his latest Drummoyne purchase, Laundy said his family have a long affiliation with the area.
“My son Craig was [also] the local member when he was in parliament,” Laundy said.
“We are thrilled to be taking the keys to the Oxford.”
The amalgamated site offers future redevelopment opportunities due to B4 mixed-use zoning.
The sale of the Oxford Hotel by Vendor Michael Wiggins comes after first purchasing a hotel asset, the Royal Exhibition Surry Hills, in 2011.
HTL Property managing director Andrew Joliffe, who brokered the deal with Dan Dragicevich and Sam Handy, said the sale is now the vendor’s second sale of a hotel asset less than eight years since starting out in the sector, with it changing hands to an “undisputed industry veteran”.
Included in the sale is the adjoining retail building at 15 - 17 Lyons Road, which currently returns $107,448 in yearly rent.
Following the state and federal election and RBA’s cash rate cuts, Jolliffe said he was seeing increased activity in the market.
“We are now seeing as active a transaction landscape as ever seen for quality hotel operations indexed to best in class gaming performance.”