The ‘friendly’ Salisbury pub snapped up for $17m
The new owner of the Salisbury pub in the inner west intends to get to know the locals and patrons before making any changes to what is known as having a “very welcoming and friendly” atmosphere.
Private pub owner Matthew Sweeney has paid $17 million for the three-storey 1900s art deco freehold hotel on the corner of Percival Road, Stanmore to the former custodians Ged Dore, Trish Larkin and a private investor who sold after close to a decade.
It will be added to his portfolio of the Narooma Hotel on the NSW south coast. Sweeney, who has a background filming documentaries and large-format TV programs such as MasterChef, previously owned the former Berkeley Hotel, which he rebranded to its original moniker, the Eveleigh Hotel. He recently sold that pub.
“When we did the inspections we felt the pub had a beautiful and welcoming presence,” Sweeney said.
‘It’s not a broken pub that is dark and dingy, it is relaxed, well-kept, and we look forward to looking after the locals and patrons and just getting to know everyone.’
New owner of the Salisbury Hotel Matthew Sweeney
“It’s not a broken pub that is dark and dingy, it is relaxed, well-kept, and we look forward to looking after the locals and patrons and just getting to know everyone.”
Dore and Larkin have managed the large-scale pub, which comes with 20 accommodation rooms, since 2015, and they bought it for about $11 million three years later.
“It’s been an amazing journey rebuilding a beautiful classic community hotel,” Dore said.
“With, as always, a touch of sadness, we wave her goodbye and are happy it has landed in the hands of someone who appreciates her and the community.”
JLL senior vice president Kate MacDonald and executive vice president Ben McDonald managed the on-market sale process, and said it was one of the busiest campaigns of the year.
“At a time when pubs are facing proposed legislative changes specifically around gaming, the Salisbury attracted great interest from Sydney-based hoteliers and groups with its sought-after mix of trade across food and beverage, 15 gaming machines and 20 accommodation rooms, exceeding $95,000 per week in turnover,” MacDonald said.
“It’s a fantastic community hotel which the owners have undeniably poured their hearts and souls into, and we wish the purchaser every success in building on the great business and reputation of the pub.”
Sweeney added that the pub offers a different set-up to the Narooma pub, but said while an overhaul of the menu is not on the table, he believes it is important to offer something a “little bit different”.
While it has been a quieter year for sales compared to 2022, which was one of the busiest on record, well-located pubs are in demand.
The most recent was the sale of Kinselas and the Courthouse at Taylor Square to private property developers Virtical for a combined $61 million. Nick Lower and Tony Bargwanna of Savills Australia advised on the sale.
McDonald said the deal this year have highlighted the ongoing resilience of the pub sector from a trade and transaction point of view despite the broader economic environment both offshore and locally.
“As we enter what is traditionally one of the busiest periods of transaction activity in the pub sector, we are buoyed by the level of unfulfilled capital still seeking opportunities in the asset class,” McDonald said.
