NEWS PROPERTY

Subiaco’s Vic Hotel, which has fought back to retain its post-football mojo with backpacker meal deals and cheap beer, is for sale and expected to fetch about $8 million. The property owner and the pub operator are collaborating to test renewed optimism about Subiaco’s prospects with the lure of a walk-in, walk-out sale delivering future development upside to an owner operator. CBRE’s Aaron Desange, Ryan McGinnity and Chloe Mason are selling the hotel, at 226 Hay Street, as a freehold going concern, with 2000sqm of land, a two-level building and all the business assets. The Vic Hotel, first opened in 1898, has a big bar, open kitchen, restaurant and dining, alfresco and function space over two levels and 54 onsite parking bays. It has been managed by operators including Black Toms and ALH Group and had a substantial renovation in the 1980s. The pub received a big boost in publicity this time last year when the so-called ‘beer wars’ erupted among some licensed venues in Perth. The Vic Hotel made the decision to start selling $3.50 pints in a bid to get more people through the door. Expressions of interest close on April 17.

AXA Investment Managers’ real assets business has bought three hotels in Sydney’s Olympic Park and one in Canberra’s CBD as part of a $330 million acquisition. Novotel, Ibis and Pullman sit close to each other at Olympic Park which is home to ANZ Stadium, Qudos Bank Arena and Spotless Stadium. The precinct hosted 5500 events in 2017-2018 and 10.5 million visitors. “AXA IM – Real Assets’ Sydney based team has a strong conviction over the long term investment performance of the Sydney Olympic Park hotels due to the forecast economic, residential and worker population growth in western Sydney, coupled with a growing calendar of events that are held in the park annually,” AXA said in a statement.

US snow resort operator Vail Resorts has taken another piste of Australia’s high country, paying $174 million to buy Victoria’s largest ski fields Falls Creek and Hotham Alpine resorts. Vail already owns and operates the Perisher resort in the New South Wales Snowy Mountains, which it has run for five years. The US-based giant also owns a string of famous ski resorts in North America – Whistler Blackcomb, Heavenly, Beaver Creek and its namesake, Vail, among them. Vail Resorts said it would acquire Falls Creek, Victoria’s largest alpine resort, and Hotham Alpine Resort in Australia’s ‘Powder Capital’ from a subsidiary of British-based amusement park behemoth Merlin Entertainments. The purchase includes the ski school, retail, rental, reservation and property management operations at both resorts. “We are thrilled to welcome the guests and employees of both Falls Creek and Hotham into the Vail Resorts family and further strengthen our position in Australia, which is one of our most important international markets,” chief executive Rob Katz said in a statement on the company’s website. “The acquisition of the leading mountain resorts in Victoria is part of our continued strategy to drive season pass sales and build loyalty with guests from around the world.” The deal is expected to be finalised before the Australian snow season kicks off in June. Vail said it plans to retain the vast majority of each resort’s employees. The deal will give skiers and boarders access to Vail’s Epic Pass, which includes skiing and riding at some of the largest and most celebrated resorts in the US, Canada, Japan and Australia. The company said it expects Falls Creek and Hotham to generate earnings before interest, tax, depreciation and amortisation (EBITDA) of around $18 million in the first year of operation following acquisition. Vail is not the only international operator expanding in Australia’s snowfields. Two years ago the cashed-up global hotel behemoth Wyndham Destinations took a $20 million stake in small boutique Peppers Resort and multiple individual homes at Dinner Plain near Mount Hotham.

Two iconic wayside stops at opposite ends of the Northern Territory are for sale. Illness has forced Frank Aleksandrowicz to call time at the Hayes Creek Wayside Inn and Holiday Park 150 kilometres south of Darwin. The Kulgera Roadhouse is the first and last pub before the South Australia/ NT border and its owners need to move interstate for family commitments. When Mr Aleksandrowicz, 70, bought Hayes Creek Wayside Inn it was going to be his place of retirement. “Sadly it hasn’t worked out that way,” he said. “My kidneys have packed it in and I am on dialysis and driving back and forth to Darwin is just too hard, so I’ve moved to Melbourne where I am just 10 minutes away from the hospital. “Hayes Creek is a beaut spot, I loved it there. It is a great set up with cabins and caravan/camping sites, but I’m crook and I had no other choice. “You get to meet some good people passing through so I am going to miss that.” Hayes Creek is a gateway to World War II sites and the Northern Goldfields loop with easy access to Litchfield National Park, Batchelor, Pine Creek and the Douglas Hot Springs Park. The Kulgera Roadhouse is on almost 11 hectares of freehold land surrounded by cattle stations and is around 20 kilometres from the South Australia border in Central Australia. It has 55 cabins, motel rooms, units and powered sites, a pub, restaurant, general store and swimming pool.

A high-end boutique accommodation provider overlooking one of the most famous surf breaks in the world has been placed on the market for sale. Waoku Lodge is positioned on the hills above Whale Bay on Raglan’s famous peninsular. The 350 square metre lodge – consisting of four two-bedroom self-contained apartments – sits on some 4.659 hectares of bush land sitting at the base of Mount Karioi.

A who’s who of Sydney business identities are selling one of the city’s most well-known drinking holes, Hotel Steyne opposite Manly Beach, with a price tag understood to be as much as $65 million. The imposing three-level hotel on almost 2000 square metres at 75 The Corso is owned by investment banker Mark Carnegie, well-known investor Robert Whyte, hotelier Arthur Laundy and adman John Singleton. The high-powered consortium paid a reported $27 million for the 160-year-old hospitality venue in 2010 when they bought it off Sydney bookmaker Bruce McHugh and his family. At the time it included retail billionaire Gerry Harvey. For the McHughs the investment turned disastrous, after buying Hotel Steyne at the peak of the last pub boom for $47 million in 2006. The current owners, who have spent millions on refurbishing the property, are banking on timing their exit near perfectly with pub values close to peaking in the current cycle. Mr Laundy, a Financial Review Rich Lister, is one of the country’s most successful publicans who has previously talked of a “crazy market” for pubs, while Mr Carnegie and Mr Singleton are both investors in the Australian Pub Fund (alongside former Qantas boss Geoff Dixon) which has now divested most of its $300 million portfolio of assets having abandoned a float. Should Hotel Steyne sell for as much as $65 million or more it would be one of the biggest transactions in the Sydney pub sector in recent years. Originally built in 1859, and then remodelled by Tooth & Co in 1936, Hotel Steyne is popular with Manly locals and visitors which disembark from the Sydney ferries. The new owners have sought to improve the image of the hotel, which has long battled a reputation for violence and drunken antics, with a number of more upmarket offerings including The Glasshouse with its Gin & Tonic Bar. The freehold offering through pub brokers Andrew Jolliffe and Dan Dragicevich of HTL Property boasts six bars, two restaurants, a designated gaming room with 30 poker machines and an entire accommodation level. In addition, the rooftop bar, Henry’s, can accommodate up to 250 people with views overlooking Manly’s beaches. “The Hotel Steyne is arguably the most prolific and certainly well-known beachside hotel, with generations of locals and tourists frequenting this noteworthy institution,” Mr Jolliffe said. “The opportunities for upside business levers within the hotel are patently clear.”

One of Central Otago’s most iconic and renowned vineyards, Carrick, is on the market. The award-winning, certified-organic vineyard, winery, cellar door and 70-seat restaurant in Bannockburn is for sale by tender via premium real estate brand New Zealand Sotheby’s International Realty. It is a reluctant sale by Auckland-based vendor Elizabeth Zhong, who has decided to pursue other business interests. “It was a really hard decision to sell Carrick, as it’s my dream vineyard,” she explains. “I love it because it’s purely organic. I’m passionate about protecting the environment and passing it on to the next generation in a better state than what it was. Owning Carrick has been really rewarding because the entire team at Carrick has been doing their best with the land, and as a result we’re producing some of the best quality organic wines New Zealand offers.” Carrick overlooks the spectacular Bannockburn Inlet, complete with elevated sweeping panoramic views and is a very popular venue for functions and private events. It is situated on approximately 34 hectares – 24ha of which is planted – and produces award-winning Pinot Noir, Pinot Gris, Chardonnay, Riesling and Sauvignon Blanc wines, many of which are noted for their fruit expression and clarity. The property features several dwellings, including three luxury residences that can be further developed for guest accommodation, as well as a cellar, winery and storage facility, offices and a restaurant known for healthy but sophisticated food combined with their ranges of wines. There is also potential for further plantings on the property. Carrick has established strong business relationships with national and international distributors and has established important distribution ties with China and other countries throughout Asia.

The Harbour View Hotel, on Raglan’s main street, is currently up for sale. The colonial style hotel was initially built in 1866, but it burnt down twice. The latest incarnation was constructed in 1905. It has a category two listing from the Historic Places Trust. The asking price for the property and business is $6,550,000.