Sydney’s pub sector is showing some mettle against a gloomy residential market backdrop, with Manly’s Hotel Steyne hitting the block with a hefty price tag of up to $70 million.
The landmark property, perched opposite Manly’s famed beach, has been listed by a consortium of high-profile Sydney businessmen.
Hotelier Arthur Laundy owns the pub alongside Mark Carnegie, Robert Whyte and adman John Singleton. The trio acquired the Hotel Steyne in 2010 for $27 million.
Originally built in 1859, the Manly hotel – nicknamed “the Drain” by locals – has undergone major refurbishments over the years.
The hotel now spans 3-storeys across 1,948sq m and offers six bars, two restaurants, a gaming room and accommodation.
The asset is marketed by HTL Property.
HTL national pub director Dan Dragicevich said that he expects the Hotel Steyne to generate the same widespread response the agency received when marketing the Byron Bay Beach Hotel in 2017.
“The opportunities for upside business levers within the hotel are patently clear, including the augmentation and repositioning of the accommodation offering.
“Underwriting this total investment thesis is the ability to own almost 2000sq m of beachside freehold land on one of the world's most picturesque and well known beaches.”
An international expressions of interest sale campaign concludes in March, 2019.