Growing appeal in Vineyard Hotel with sale tipped to threaten $60m
The sprawling Vineyard Hotel might be positioned 51km from the Sydney CBD, but it is expected to fetch as much as $60m in what would shape as one of the biggest pub sales of the year.
After more than 40 years’ ownership, the Stanford family have decided to list the hotel, positioned on nearly 77,000sq m of land that is ripe for development.
A prominent fixture of Sydney’s North West Growth corridor, the Vineyard Hotel features 57 motel rooms and has planning approval for an extra 84 motel units to be developed on its excess land holdings.
Situated on Windsor Rd, Vineyard, northwest of Sydney, the commercial property holding is located within a 5km radius of about 30,000 new homes envisioned within the Gables, Box Hill and Hills of Carmel major housing estate developments.
Marketing agent HTL Property managing director Andrew Jolliffe said the pub would appeal to operators and groups aggregating and wanting scale.
“Very few ultra-large format freehold Sydney hotels come to the market, so it will appeal to groups seeking scale and operators seeking the stewardship of an asset that has been held by one family for four decades,” Mr Jolliffe said this week.
“Australia wide, the traditional hotel asset class has performed exceptionally well notwithstanding the broad challenges imposed upon all business models; and irrespective of any travel restrictions, the sector has enjoyed its best calendar year to date on record,” Mr Jolliffe said.
Vendor Glen Stanford said his family had been proud owners and operators of the “incredible suburban hotel operation’’ for four prosperous decades.
Mr Stanford said that while the family had been consistently rewarded by the growth of both the business and surrounding population base, they also recognised that the time was ripe to hand the baton to a new owner who could chart the asset’s course for the next 40 years.
Co-marketing agent Dan Dragicevich of HTL said the sheer scale of the land holding lent itself to more mixed-use flexibility.
An international expression of interest campaign ends on October 7.