Southern Highlands icon The Briars expected to fetch $12m
One of the NSW Southern Highlands’ trophy properties, the Briars Country Lodge and Historic Inn near Bowral, has been listed for sale by its owners the Duffy family and is tipped to sell for more than $12 million.
Built in 1845 as the Royal Oak Inn, the Georgian-style property served as the prestigious Sydney Church of England Grammar School between 1958 and 1974 before being converted back to an inn.
In the 1980s it became a country hotel with the addition of 31 guest suites, a guest lounge and lakeside conservatory.
Situated on 3.8 hectares of lush Southern Highlands countryside off Moss Vale Road near the country town of Bowral, the Briars is currently operated by Dawn Strauss of Blanch Street Investments and returns $889,000 in net rent per annum with a lease in place until 2024.
In the 1980s the property became a country hotel with the addition of 31 guest suites, a guest lounge and lakeside conservatory. Photo: Supplied
The last reported sale was in 1997 when it sold for $4.7 million at auction. Back then it was owned by a consortium of wealthy Sydney Eastern Suburbs families that included the Myersons, Solomons and Falks.
The Briars is being marketed by Gerry Quinlan of Manenti Quinlan & Associates Pty Limited along with Cooper Hotel Brokers. Mr Quinlan said the underlying hospitality business had a strong history of trading and he expected interest from local, interstate and Asian investors.
“We’re expecting The Briars to sell on a yield of about 7 per cent. There’s a real shortage of investment properties in the Southern Highlands and this is one of the best properties around,” he said.
“A high net worth individual or an Asian investor will see this as a trophy property.”
Recent trophy sales in the Southern Highlands include 45ha Rosehill Farm in Kangaloon, which funds manager Will Liley and his wife Janice sold to entrepreneur Rose Deo for $4.8 million, and the Bowral Hotel, which Lantern Hotel Group sold for $6.35 million last year.
“Recently there has been a stampede of investors heading to the Southern Highlands. It is expected this will continue with the sale of The Briars,” Mr Quinlan said.
