Sydney publican Marcus Levy sells Lidcombe Hotel for $36 million
Marvan Hotels, headed by well-known Sydney publican Marcus Levy, has sold top Sydney gaming pub the Lidcombe Hotel in Sydney’s west for about $36 million.
Mr Levy has owned the hotel for eight years, during which time he has renovated the property propelling it up the NSW Office of Liquor, Gaming and Racing’s top 200-gaming rankings list.
The 782-square-metre site, with a 36-metre building height approval and a floor-to-space ratio of 5:1, offers redevelopment opportunities.
It has a 24-hour liquor licence and a rare three-hour gaming shutdown.
“The Lidcombe Hotel is a true A-grade hotel asset and the price achieved is testament to the scarcity of hotels of this quality,” said CBRE hotels national director Daniel Dragicevich, who sold the property with Sam Handy.
“We are optimistic that the strong current market will continue into 2017 with stable investment fundamentals, limited supply and attractive yield spreads underpinning continued interest in the sector.”
Strong demand for pubs
The sale reflects the ongoing strong pub and hotel market in Sydney, which has given rise to several significant transactions last year such as the $37.05 million sale of The Tennyson Hotel, in Sydney’s south, to Merivale boss Justin Hemmes, and ASX-listed Lantern Hotel Group’s sale of the western Sydney pub Uncle Buck’s to the family-owned De Angelis Hotel Group for $25.3 million.
The property, sold in late 2016, capped off about $293 million in sales of top Sydney gaming hotels over the last quarter of 2016, Mr Handy added.
A private buyer bought the Lidcombe Hotel, which also offers some accommodation and is adjacent to Lidcombe train station at 2 John Street.
Mr Levy also owns the Westmead Hotel, Evening Star Hotel, the Sea Breeze Hotel in Nelson Bay and the The Flynn in Sydney’s CBD.
