Minsky’s, the iconic lower north shore pub, has changed hands for $39 million.
Owners Redcape this week sold the hotel to the Karellas family, who’ve established a grocery empire in recent years, including the IGA supermarket at Cremorne Town Centre.
The 3344 square metre two-level strata property at 287 Military Road includes Australia’s best piano bar and regularly hosts late-night live music gigs thanks to a 4am trading licence.
Minsky’s has changed hands – so does the Piano Man stay?
Larry Schlesinger from the Australian Financial Review reports publican Mitchell Waugh has joined forces with the Karellas team, who plan to carve up the commercial and hotel space.
Minskys, which Redcape has owned for more than 15 years, was put up for sale at the end of March to take advantage of “strong demand for quality hotel assets”. Price expectations were above $35 million.
Redcape CEO Dan Brady said the proceeds of the sale would be used to pursue other opportunities and to strengthen its balance sheet.
The Minskys sale is the latest in a growing number of multi-million-dollar pub deals achieving record prices, as private and institutional investors chase assets in the cash-flow rich sector.
The iconic Sydney night spot has entertained generations of lower north shore locals.
Selling agents John Musca, Ben McDonald and Gordon McFadyen from JLL told the AFR the public sales campaign generated 65 inquiries from local buyers.
“The opportunity to seize an asset of such quality with obvious, and significant value-add potential via repositioning and/or strategic sell down fuelled what was one of the most competitive campaigns we’ve managed in the last five years,” he said.