The Commodore in North Sydney has changed hands for a cool $29 million.
By ANNA USHER
The Commodore Hotel has been offloaded by John Azar’s Good Beer Company to businessman Glenn Piper for $29 million.
Located on the edge of the North Sydney commercial district and in the heart of the McMahon’s Point shopping village, the historic pub has been a local institution for over 169 years.
Piper will receive the keys in August and plans to spend the coming months meeting locals and diving deep into the history of the Commodore and our local community.
The pub has been purchased by Hotelier Glenn Piper, who owns a number of key establishments in NSW.
“Standing proudly on the corner of Blues Point Road, the Commodore Hotel is without a doubt one of North Sydney’s greatest pubs – and one with an incredibly rich and colourful history,” Mr Piper said.
“I am honoured to continue the Commodore’s long legacy and excited to have the opportunity to elevate it into something really special that reflects the community today.”
The new purchase adds to Piper’s portfolio that includes Newcastle’s Merewether Beach Hotel, the historic 105-room Q Station hotel near Manly, and the Harbord Hotel in Freshwater.
Mr Piper was drawn to the pub thanks to a thriving local hospitality scene, Brokers JLL say.
Last year Mr Piper capped a $100 million buying spree and joined the jet-set owners of a tropical island after paying $10 million for Hook Island Lodge in the Whitsundays, where he plans to build a “barefoot luxury” resort.
Commenting on the sale, JLL Hotels Ben McDonald who helped broker the deal told Mosman Collective; “Capital continues to seek exposure to ‘alterative assets’ that display strong Internal Rate of Return (IRR) characteristics and can generate strong cash flow through trading operations.
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“With genuine value-add potential via the approved DA, in addition to the compelling investment drivers, The Commodore was keenly pursued by those selected to participate in the sale process,” he said.
JLL Senior Vice President Kate MacDonald said Mr Piper was drawn to the pub thanks to a thriving local hospitality scene.
“The significant brand equity of The Commodore in the local hospitality scene was a major drawcard for the purchaser, who will certainly build on the pub’s strong reputation and business,” she said.
The Commodore Hotel, photographed prior to renovations in 1930. Image: Noel Butlin Archives, Australian National University.
“We look forward to seeing The Commodore evolve over time under Mr Piper’s watchful eye.”
The Commodore gets its name from “Commodore” Billy Blue, an 1800’s local identity who ran the punt between Dawes Point and Blues Point across Sydney Harbour.
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The post The Commodore in North Sydney Quietly changes hands for $29 million. So, who’s the new owner? appeared first on Mosman Collective.
