Double Bay's Golden Sheaf Hotel returns to market as freehold only
The freehold of the Golden Sheaf Hotel at Double Bay has been listed for sale with offers due 6 November.
The Golden Sheaf Hotel occupies a strategic underdeveloped site area totaling 1,669 square metres.
JLL and CBRE Hotels have been appointed on the property which is being offered subject to leaseback to the hotel and hospitality group, Solotel.
The hotel will be offered with a combined 40 year triple net lease to one of the Solotel Group businesses, with a straight 20 year first term and fixed annual rental growth of 3% per annum.
The Solotel group own and or operate 17 hotels and three restaurants across the eastern seaboard.
Brice Solomon's Soletel listed the entire Sydney eastern suburbs watering hole with $80-million-plus hopes in 2011.
The Australian Financial Review suggests $40 million plus commanding a yield in the mid 6% range.
The heritage-listed 1936 pub was bought for $5,327,000 in 1991.
Its New South Head Road premises was expanded after $4.8 million was spent in 2006 with purchase of the adjacent George's restaurant from Leo Varvaritis. The refurbished hotel and rear beer garden was launched in 2009.
