NEWS PROPERTY

The owners of St Kilda’s controversial Gatwick Private Hotel have received several offers to buy the property, raising expectations a multimillion-dollar sale will soon proceed. Agents for the notorious Fitzroy Street boarding house believe the sale could be completed possibly within a week.

Bill and Carol Aitchison built five-star Hoeke Lodge as a luxury accommodation business, but also as their dream retirement home. The owners of a luxury Wairarapa property are reluctantly selling their dream retirement home, which doubles as a five-star lodge. A quad bike accident up-ended the couple’s plans for Hoeke Lodge, five minutes’ drive west of Carterton in the foothills of the Tararua range. As a result it’s now on the market with a rateable value of $1,350,000, and features a pond, golf hole, and 3.5 hectares of park-like grounds.

The Escarpment Group has paid over $5 million for Peppers Convent Hotel in the Hunter Valley, offloaded by former News Corp Australian boss and ex-RM Williams chairman Ken Cowley and his family. Owned by husband-and-wife hoteliers George Saad and Huong Nguyen, The Escarpment Group operates boutique luxury hotels in the Blue Mountains including the Hydro Majestic Hotel, Parklands Country Gardens and Lodges and Lilianfels Blue Mountains Resort and Spa. The acquisition of the Peppers Convent is their first outside the Blue Mountains. It was second-time lucky for the Cowleys, who paid $6 million for the boutique Hunter Valley in 2010 and who were prepared to meet the market this time round. The 17-room hotel and restaurant Circa 1876 plus a pool, tennis court and conference facilities on 2933 hectares in Pokolbin sold as a going concern with a 10-year licence agreement with Peppers, part of ASX-listed hotel operator Mantra Group. CBRE Hotel’s Rob Cross sold the properties in conjunction with Alan Jurd from Jurd’s Real Estate on behalf of the Cowley family, owners of the vendor, Strathig Pty Ltd.

The popular Hog Heaven Louisiana Smokehouse Restaurant and Bar, situated in a fast developing business location at 60 Broadway in Newmarket, is for sale by negotiation for an asking price of around $190,000. Billy Chan of Ray White Broadway says the 201sq m restaurant, which is currently earning about $40,000 per month, had an extensive fit out and makeover about three years ago and seats 106 people in total.

A Sydney property syndicate that includes BRW richlister and Sydney Rooster chairman Nick Politis has swooped on the Treetops Tavern in Burleigh Waters, Queensland in a $20 million deal. Mr Politis has been actively buying properties in the state including the historic Heckelmann’s Building in the heart of Brisbane’s CBD for $15.5 million earlier this year. The latest Gold Coast pub purchase includes a 7000 square metre site at 7 Executive Drive. It was offloaded by the family run Thomas Hotel Group, which operates 17 venues in Sydney. The Treetops Tavern was the only interstate asset. The investment syndicate includes Peter Ashelford, joint founder of another Sydney pub owner and operator, the Lewis Hotels group. In April the syndicate swooped on another Gold Coast pub, the Boathouse Tavern in Coomera, buying it from receivers for $13.9 million.

A private Melbourne property investor has made a 30 per cent gain in less than two years by selling the Redcliffe Tavern at Redcliffe, north of Brisbane, for $15 million. The modern freestanding tavern and First Choice Liquor Superstore was bought in 2014 for $11.5 million on a yield of 7.27 per cent. The 1464-square-metre property has now sold less than two years later on a yield of 6 per cent reflecting the thirst for properties with strong lease covenants. The property is leased to Liquorland, the major liquor division of Wesfarmers’ Coles Group, on a 20-year lease to 2029 with two further 10-year options. The off-market sale was negotiated by Jon Tyson and Peter Tyson of Savills Retail Sales.

Peter Calligeros, owner of the Rag & Famish pub in North Sydney, has paid $8.5 million for the Trinity Bar in Surry Hills. Trinity’s owner Ray Reilly sold the business and property at 505 Crown Street through CBRE’s Daniel Dragicevich. Key to the sale was the future Sydney light rail, which will run close to the pub at Devonshire Street.

Retail Savvy Group will open a new venue in Melbourne’s popular Brunswick Street in space relinquished by Fremantle-based brewery Little Creatures. The Little Creatures Dining Hall at the top end of Brunswick Street will be taken over by Retail Savvy and reopened as the Fitzroy Social in July, the group’s co-founder Stewart Kozaria said.