Sydneys Dove & Olive up for sale
Owned by the Good Beer Group, Surry Hills pub Dove & Olive is now on the market, with expressions of interesting closing on 26 August.
The Good Beer Group is redeploying capital to renovations planned for its recently acquired Duke of Gloucester Hotel in Randwick.
JLL Hotels & Hospitality Group have been appointed to market the popular pub, and said that the venue “consistently generates over $100,000 per week in revenues.”
The pub has a strong craft beer focus, hosts 12 poker machines and is located on a corner site on Devonshire Street.
John Musca, national director – investment sales, JLL Hotels & Hospitality Group, said, “ ‘The Dove’ is unique in that it will easily deliver astute purchasers a 10+ percent yield at purchase, a rarity in the food and beverage centric hotel space, with almost no risk and on a big revenue base, so it’s really a big hotel opportunity on a manageable footprint.”
Much like the recent keenly contested sales of the Trinity Bar ($8.5 million ) and Royal Exhibition Hotel ($19 million ), both close by in Surry Hills, ‘The Dove’ is another quality inner-city hotel offering, which has reportedly been targeted by some of the bigger F&B hoteliers in Sydney.
Last year, Dove & Olive was named Pub of the Year at the annual Time Out Sydney Pub Awards, where publican Dan Ryan also claimed the Publican of the Year gong.