Laundy pub empire snaps up new HQ in Lane Cove for $33m
Pub veteran Arthur Laundy has set up the new headquarters in Sydney’s north shore after buying the former Aristocrat building for $33 million to cater for its growing empire.
The expansion of the business underpinned the move after Laundy hotels took over the operations of the Sydney Collective partnership it had with fellow publican Fraser Short.
That entailed taking over the reins of the Watsons Bay Boutique Hotel, Park House Mona Vale, Northies at Cronulla, Lennox Head Hotel, Illawong Hotel and The Farm at Byron Bay, and thought to be worth up to $300 million.
Laundy will move staff into one of the floors at 71 Longueville Road, Lane Cove for its new head office, which is a modern office block in the heart of the busy Lane Cove business precinct.
Laundy Hotel Group’s Nick Tindall said the group is “very excited” to take the reins of a building that sits on a gateway site to one of Sydney’s sought-after suburbs.
“The location and amenity of our new head office will assist in our drive to attract the best and brightest candidates to our business operations,” Tindall said.
The vendor was Property Bank Australia which bought the property as part of 17 office buildings across the Melbourne and Sydney office markets post the global financial crisis.
Knight Frank director Tyler Talbot and Chris Hartigan of Hartigan Bolt advised on the sale.
Talbot said despite the challenging market, the property was highly sought after, and the result demonstrates the continued strong demand for quality boutique assets in the sub-$50 million range.
“Recent sales for PBA included 51 Berry Street, North Sydney which was sold to a Hong Kong Buyer in 2022 for $66.3 million and 53 Berry Street, North Sydney which sold to the Lederer Group in 2021 for $54 million,” he said.
Hartigan said the sale of 71 Longueville Road Lane Cove to Laundy Hotels represents an “exceptional investment opportunity and is a strategic location for their new head office”.
Tindall said the pub group hopes to move in May and has already partnered with ground floor tenants Anytime Fitness.
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Source: Thanks smh.com