The sale caps a huge year for the pub sector, which generated over $2.2 billion of sales as investors and publicans snapped up the inflation-busting trophy assets.
The booming pub sector has ended the year with one more blockbuster deal, after the Kelly family secured a $40 million-plus buyer for its long-held Brookvale Hotel near Manly on Sydney’s Northern Beaches.
Standing on a 2700sq m site on Pittwater Road between the Westfield Warringah Mall and Brookvale Oval, the gaming hotel was discretely sold to another family-owned operator, Irvin Hotel Group, which owns 13 venues including the nearby TimeThe Kelly family, which owns several landmark Sydney hotels, including the Doncaster in Kensington, had owned and operated the Brookvale Hotel for almost 25 years having paid $4.6 million for it in 1998.
Offering development potential via a new 30-metre height limit as part of the new Brookvale Structure Plan Precinct, the hotel also came with 29 electronic gaming machines and 40 onsite car spaces.In 2019, the Kelly family carved off a 3456sq m chunk of the original hotel site and sold it with a permit for a five-story apartment building
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