Buyers are returning to the Sydney pub market. Deals totalling nearly $70 million were completed or agreed in recent weeks, according to market analysis from CB Richard Ellis. CBRE Hotels director Joel Fisher said historically low interest rates and attractive investment yields were rekindling buyer interest in the pub sector after a lacklustre period last year, in which investment activity was limited both locally and nationally. The increased buyer activity has been reflected in deals such as the $3.2 million sale this week of the Woolpack Hotel in Redfern and the recent $14.75 million sale of the BrewHouse Marayong. Mr Fisher said CBRE Hotels had another $50 million in pub sales under agreement. The sale of Woolpack as a going concern represented a yield of about 11.25 per cent. The BrewHouse Marayong was also sold as a going concern, by the Colosimo family, for a yield of about 11.75 per cent. Sydney Morning Herald, May 23.
May 28
