Capital gain

Pub billionaire Arthur Laundy is spending a few million dollars on upgrading his popular Watsons Bay hotel on the beachfront in Sydney’s eastern suburbs.

The $3 million renovation designed by Etic Design will transform the venue’s top and mid-deck. It will have a Hamptons feel and is meant to be launched in October in readiness for the busy spring wedding season and hot summer holidays.

Rich-lister Laundy bought Fraser Short’s 50 per cent stake in a portfolio of jointly owned hotels in early 2023 for a total of $150 million.

The renovations come as the pub sector moves into top gear and sales break records across NSW.

In Bathurst, well-known pub operator Ashton Waugh and his investors reaped $13 million for the Family Hotel, which was bought back by original publicans Stephen and Lauren Raffen. Waugh still owns the Kelso pub just down the street.

The freehold sale included a bar, bistro, accommodation inventory and a profitable gaming room. It was sold by HTL Property’s Blake Edwards

On the northern coast at Byron Bay, the Beach Hotel, once owned by entertainment figure John “Strop” Cornell, was sold to businessman Scott Didier for $140 million. MA Financial bought the Beachy, as it is known, for $104 million from the Liberman family-backed Impact Investment in 2020.

Further south, publican Glenn Piper has boosted his portfolio with the purchase of the Bermagui Beach Hotel and the neighbouring Beachview Motel for around $20 million in an off-market deal.

Piper’s Epochal Hotels portfolio includes Harbord Hotel in Freshwater, Beach Hotel in Merewether, Newcastle, the Commodore in North Sydney and the Q Station on the Manly headland. Both deals were completed by JLL Hotels.

Patts’ soul

The $13.6 billion ASX-listed Soul Patts conglomerate, run by chairman Ribert Millner, and retirement specialists Moran have partnered with Bridge Housing and the Northern Beaches Women’s Shelter to provide safe, short-term accommodation to people facing housing stress.

Under the scheme, Soul Patts, which owns a former aged care home in Narrabeen, and Moran, the operator, will provide capital as part of the planned redevelopment of the existing site.

But as a new model for the industry, the two will offer the premises for use as transitional housing for people in need, to be run by Bridge Housing, while they go through the long-winded planning process.

Many development sites sit empty while the planning process is under way but Narrabeen House’s 24 independent homes will instead be used for much-needed accommodation.

Bridge Housing will professionally manage the homes, overseeing tenancy, property maintenance, and tenant support. They work closely with local support agencies Northern Beaches Women’s Shelters, Mission Australia, Burdekin Foundation and Women and Children First.

Kmart centre

As part of the plan to double revenue to $20 billion over the next decade, Kmart will open a $500 million state-of-the-art fulfilment centre in Sydney’s west.

Located at the ESR Moorebank Intermodal Precinct, the 100,000 square metre site will also service conglomerate Wesfarmer’s Target stores. Kmart has been experimenting with new store layouts to help increase sales and reach its $20 billion target in the next 10 years.

In a separate deal, Bing Lee electrics is selling its 16,743 square metre facility on a large 27,603 sq m corner site at 702 Woodville Road, Old Guildford, with a price tag of about $85 million.

Bing Lee, owner of the site since 2008, will remain as the tenant and recycle the cash from the sale into its business. Colliers’ Gavin Bishop, Sean Thomson, Michael Crombie, Trent Gallagher are advising on the sale.

Stuyvesant’s House

The well-known Stuyvesant’s House, Crow’s Nest, is closing its doors after opening in 1961. The owner and operator, restaurateur Rudi Dietz, is retiring and selling the popular eatery at 45 Alexander Street.

Dietz took over the restaurant in 1973, just over a decade after it first opened under Dutch ownership. He brought with him a deep love for authentic German hospitality. The building occupies 221 sq m of land with a 347 sq m internal area and an 85 sq m cellar.

The site’s zoning is for mixed use and offers development potential for investors. No price guide was given but it generates gross income of $220,000 per annum plus GST. Scott Stephens from RWC Sydney North is advising on the sale.

Contact carolynannecummins@gmail.com