NEWS PROPERTY

Confidence in the central business district hotel market surprisingly tumbled in the third quarter of the year, as property professionals recalibrated expectations for capital growth, the latest NAB Commercial Property Survey shows. The index shows hotels fell from a positive reading of 38 to zero over the third quarter, with capital values falling 2.8 per cent, based on a survey of 250 commercial property professionals.

Private equity house L90 Capital has snapped up the Salisbury Hotel in the Sydney suburb of Stanmore for about $8.5 million. The deal was brokered by Andrew Joliffe and Joel Fisher, of Ray White Hotels. The agents declined to comment on price and buyer. It is understood well-known publican Gerard Dore, who operates the Beach Road in Bondi and Tilbury Hotel will be the operator.

A popular Irish-themed pub in Brunswick has sold to developer Peregrine Projects for $6.03 million, with plans to add a five-storey apartment block to the site.

Arc Education Group is converting the Landsdowne Hotel in Sydney’s Chippendale into an Academy of Music and Performing Arts. The Proposed development at 2-6 City Road will be used for undergraduate and postgraduate courses in music and the performing arts.

Well known career publican Kevin McNamee has listed the freehold interest of the Clare Castle Hotel in Port Melbourne for sale after 40 years of ownership.