Sydney's Strathfield Hotel for sale after 100 years of ownership
The Whelan family has put its Strathfield Hotel opposite the Strathfield railway station in Sydney’s inner west up for sale after more than 100 years of ownership in the latest big ticket venue to hit the booming pub market.
Dating back to 1918, the three-level pub was built by John Whelan just after the end of the First World War and following the commencement of construction of the railway line between Sydney and Parramatta.
The pub, whose construction John Whelan financed after gambling on a cargo of Scotch whiskey thought lost at sea, has been held by multiple generations of the family ever since.
His grandson, Brian Whelan told The Australian Financial Review the current generation was now beyond retirement age.
“There are talented young professionals among our younger generation but regrettably none wish to have a career in the family business,” Mr Whelan said.
Price expectations are understood to be above $90 million for the Strathfield Hotel, which is being marketed by Andrew Jolliffe of HTL.
The hotel generates more than $10 million in annual revenues across its bar, bistro, gaming, wagering, accommodation and retail liquor offerings and consistent earnings above $3 million.
Included in the offering is a 2am liquor licence and 30 gaming machines as well as approved plans for a mixed-use development comprising 60 apartments, 14 hotel rooms as well as commercial and retail space on the 2067 sq m site.
The Strathfield Hotel comes to market following a string of big pub sales, including the record $160 million sale of the Crossroads Hotel in Casula last month to former Sydney lord mayor Nelson Meers, a deal brokered by HTL.
“I think that there has always been interest in hotel assets that are located in good positions that are consistently profitable and have potential for growth,” Mr Whelan said.
“In my opinion, as we emerge from the pandemic, we will continue to see a resurgence in people seeking to enjoy life and the freedom to socialise, to reconnect with friends and family, to party, to eat and drink at venues, to gamble, to travel and go to see live sporting events, to go to the cinema, the theatre and concerts.”
