Sydney pub the Clovelly Hotel joins sale rush
It’s known fondly as “The Cloey”, and local patrons will watch with interest one of Sydney’s most popular beachside watering holes begins the hunt for a new owner.
The Clovelly Hotel will hit the market on October 29, with international buyers expected to be among the potential suitors for the landmark venue.
The pub’s $9.1 million in annual turnover will be a significant carrot, as will its rich history dating back more than 150 years, according to selling agents Andrew Jolliffe of Ray White Hotels Australia and CBRE Hotels’ Daniel Dragicevich.
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“The Cloey is one of those folklore hospitality businesses that most Sydneysiders, and numerous others from much further afield, will have an affinity with,” Jolliffe says.
“The Cloey really does embody so many of the great things about the Australian pub culture, ranging from the very focal point around which a whole community orbits, to an almost inimitable gathering place in the social history of surf lifesaving in the eastern beaches area, all codes of football and horse racing.”
Current owner Iris Capital bought the Sydney institution in 1998 and refurbished it extensively in 2012. It now features multiple bar areas, a bistro, beer garden an upstairs bar and numerous private dining and entertainment areas.
Jolliffe says the chance to buy The Clovelly Hotel could well be the last.
“What the recent sales of iconic hospitality properties in one-hotel suburbs like Newport, Mona Vale and Watsons Bay has taught us is that these assets are, frankly, irreplaceable,” he says.
“They aren’t building any more Coogee Bay, Bondi or Clovelly hotels, so the wholly compelling longevity and barrier to competitive challenge attributes enjoyed by this hotel is patently clear.”
“And the opportunity to take ownership of one of these incredible cash flow machines sitting abreast blue chip property holdings is an unparalleled investment proposition, irregardless of asset class.”
The Clovelly Hotel is for sale via expressions of interest, which open on October 29 and close November 23.