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Capital gain
With winter fast approaching, the Sundeck Hotel in Perisher Valley, said to be the country’s highest-altitude hotel, has been sold by its proprietor, Cliff Wallis, after more than 30 years.
It was bought by hospitality investor Peter Dean but no price was disclosed.
Perched about 1769 metres above sea level, the Sundeck is a ski-in, ski-out alpine offering positioned on the slopes in Kosciuszko National Park.
The hotel was built in 1959, before being rebuilt shortly after a fire in 1960. The property has 41 rooms, a public bar, dining room, commercial kitchen, guest lounges, sauna facilities and ski storage areas. It has capacity for up to 90 overnight guests.
The deal was negotiated by MQ & Associates’ Leonard Bongiovanni and Ray Larkin, and Michelle Stynes and Alex Cherry of Forbes Stynes Prestige Property Sales.
Gallagher branches out with Oaks
The sale of Sydney’s famed Oaks hotel on the city’s lower North Shore for $140 million has added more fuel to an already hot pub sector.
The pub’s 80-year-old oak tree dominates its beer garden.
The property was offloaded by the Thomas family, led by its patriarch, David, known as “Taffy”, and his son Andy, after 50 years of ownership.
Close to $250 million worth of hotels have sold so far this year, including the Oaks, making it one of the busiest periods since the global pandemic hit the sector six years ago.
Pubs are popular not just for the steady income they give owners from rent, gaming, food and drinks, but also because the underlying land value increases.
Sydney hospitality powerhouse Gallagher Hotels bought the landmark Oaks at 118 Military Road, Neutral Bay. Its stable includes Jacksons on George and the Longueville hotel in Lane Cove.
The deal was the second -highest price paid for a Sydney pub after Crossroads in Casula changed hands for $160 million in 2022. Its owner, Sonnel Hospitality, was recently given the green light for a broad redevelopment program of the pub.
David Thomas’ relationship with the Oaks began in 1975, when he bought the leasehold interest from Tooth & Co with support from his mother, Alala.
Sold through John Musca and Ben McDonald, the Oaks sits on a prominent 2188-square-metre corner site in a mixed-use zone that allows up to five storeys for development.
In Singleton, the Caledonian Hotel is being sold with price expectations of about $15 million.
The 2226-square-metre corner site is being sold on behalf of local husband-and-wife team Helen and John Hill. It is their second tenure of ownership, having repurchased the asset in 2014.
Known as the Cali by locals, the hotel comes with 14 accommodation rooms and a three-bedroom residence, with the option for rental conversion.
Savills agents Nick Lower and Hugo Weston are advising on the sale.
Parramatta office
The former Ernst & Young commercial building at 33 Argyle Street in Parramatta has been listed for sale by the private Tong Eng and Roxy Pacific group.
The 10‑storey building on a large 2048-square-metre site is in the heart of Parramatta’s busy city precinct. It has 5234 square metres of net lettable area and ground-floor retail, and three levels of parking for 142 vehicles.
Tong Eng and Roxy Pacific bought the property in January 2019 for $40.8 million from New South Wales Aboriginal Land Council, which had held it since 1992.
The site has development approval for a 60‑storey mixed‑use tower. Its approved concept scheme includes build‑to‑rent apartments, commercial office space and retail.
Colliers agents Catherine Scott, Tyler Talbot, John McCann, Alex McColl and Harry Bui are managing the sale campaign.
Farm sale
The NSW Farmers Association has sold its headquarters at 154 Pacific Highway in Greenwich to a private investor.
No price was disclosed, but the group paid $60.2 million for the 10-storey commercial site on the lower north shore in 2018. Formerly known as the Johnson & Johnson building, the 6300-square-metre building has elevated Sydney Harbour views.
The association’s chief executive, Annabel Johnson, said the transaction “aligns with the association’s mandate to redistribute capital into other initiatives that will directly benefit NSW farmers”.
Colliers’ Tom Appleby, Joseph Lin and Guillaume Volz advised on the sale.
carolynannecummins@gmail.com
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