Fanatics founder buys Botany’s Captain Cook Hotel
The boom in sales of Sydney pubs shows no sign of abating with The Captain Cook Hotel in Botany selling for about $17 million to Fanatics Group founder Warren Livingstone.
The purchase by the Sydney businessman, who founded the Fanatics more than two decades ago for sports fans that follow Australian teams and athletes around the world, gives him his third Sydney pub.
The pub market is faring well in the lower-for-longer interest rate environment in which asset prices are soaring and big financial players, such as investment bank Moelis, are moving into the pub sector to take on long-time owners including entertainment tsar Justin Hemmes and pub king Arthur Laundy.
Pubs, like The Captain Cook Hotel, can often be worked over by a new owner and Botany property is likely to get a new gaming room, as poker machine revenue has been known to rise even as discretionary spending comes under pressure.
The deal on The Captain Cook Hotel follows several Sydney pubs already changing hands this year, with transactions in which Five Dock’s Illinois and Alexandria’s Camelia Grove hotels were traded.
This makes the Botany hotel the third Sydney freehold hotel deal to be done this year and it comes after a busy period in which the Belmore Hotel ($50m), Raby Tavern ($35m) and Allawah Hotel ($33 million) also sold.