HTL Property agents Andrew Jolliffe,Dan Dragicevich and Sam Handy are advising on the sale and said the Bayfields would focus on their pubs at Dee Why and Belrose. In 2015,they sold the Newport Arms to Justin Hemmes to finance the Light Brigade purchase.
“The Bayfields have undoubtedly done a fantastic job developing and repositioning the Light Brigade Hotel during their decade-long tenure,” Dragicevich said. “As such,an incoming operator will take great benefit from the considerable behind-the-scenes investment made,in addition to enjoying increased patronage as a direct result of the activity increase for major concerts and events at the Allianz Stadium and Sydney Cricket Ground precinct.”
‘There’s a strong parallel between the timing of these deals and where we are at in the yield cycle.’
HTL property managing director Andrew Jolliffe
“Our clients have owned the hotel for the best part of 10 years and have recently been approached by numerous parties on an unsolicited basis to buy the hotel.”
He said that with the resurgence of the Oxford Street strip,together with the history and location of the pub,he expects local,interstate and international buyers would actively pursue this opportunity.
The Light Brigade sale comes as the pub market is bouncing back after a quiet start to the year.