Moelis Australia pays $22m for Courthouse Hotel on Oxford Street
Equity firm Moelis Australia has purchased the popular Courthouse Hotel on Sydney’s Oxford Street.
The establishment at Taylor Square sold in an off-market deal between the current owners and Moelis for around $22m.
It is the first time 189 Oxford Street has exchanged hands in 30 years, with CoreLogic confirming it last sold in 1990 for $1.905m.
Moelis Australia controls one of Australia’s largest hotel portfolios, Redcape Hotel Group, and was behind the $100m purchase of the Byron Bay Hotel last year.
HTL Property’s Dan Dragicevich, Andrew Jolliffe and Sam Handy brokered the deal between the two parties.
Mr Dragicevich said the opportunity to acquire one of the most recognisable pubs in Sydney was attractive to many parties.
“The widely held view is that Oxford Street is in for a renaissance in the years to come as astute investment houses and developers seek a foothold in what will be the city’s only 24-hour precinct following the reshaping of the lockout laws,” he said.
The Courthouse Hotel is located at the intersection with Oxford Street and Flinders Street — the main part of Mardi Gras parade route. It has a 24-hour liquor licence, accommodation rooms, a bottle shop and gaming machines.
Mr Jolliffe said while the pub market is down on the same period last year, many owners are looking to capitalise on record low interest rates to either buy or sell.
“We have seen strategic advances implemented by clients, whether on the buy or sell side of transactions during this past year, that have extracted hugely rewarding outcomes,” he said.