THREE Melbourne pubs leased to a Woolworths-backed company have been sold for more than $16 million in heated auctions at Crown Casino.
The Elsternwick Hotel in Elwood, the Rose Shamrock & Thistle in Reservoir and the Rifle Club Hotel in Williamstown sold separately to three wealthy individuals - one from Sydney and two from Melbourne.
Agents say the buyers were attracted by the "blue-chip" tenant, Australian Leisure & Hospitality Group, in which Woolworths has a 75 per cent stake. Melbourne publican Bruce Mathieson owns the remainder.
The pubs sold on investment yields as low as 5 per cent, prompting agents to speculate that private buyers, disgruntled by sharemarket and banking returns, are now prepared to pay more for pubs - relative to their rental income - than in previous months.
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment