The Balmain Pub Group has announced their acquisition of Balmain’s Town Hall Hotel which they purchased for $7 million.
The 445sqm landmark site was established in 1879 and is located on the corner of Montague and Darling streets. Spanning over two levels, the hotel features a ground floor bar, bottle shop and upstairs dining area with second bar, as well as a seated balcony overlooking Darling Street.
“This sale kicks off what is expected to be another strong year of pub sales, as appetite for quality assets continues amid low borrowing rates and favourable buying conditions for purchasers and long-term owners,” says CBRE Hotels’ national director, Daniel Dragicevich.
“This transaction also highlights the depth of buyers currently active in the sub-$10 million metropolitan hotel market, reinforcing that market buoyancy is not just limited to the top end of town.”
The acquisition of the Hotel lifts the Balmain Pub Group’s portfolio up to five, following their acquisition of North Sydney’s Greenwood Hotel last year.