Five Dock gaming hotel sold after one week on the market

Five Dock gaming hotel sold after one week on the market
Five Dock gaming hotel sold after one week on the market

After only one week on the market, Lantern Hotels has sold its top gaming hotel, the Five Dock in Sydney's inner-west.

The sale of the Five Dock, by Ray White hotel broker Andrew Jolliffe secured $28.75 million.

It represents a 38 percent premium to the 30 June 2016 book value.

Other notable Lantern Hotels sales - some 12 have been sold - have included Sydney’s El Toro at $24 million and Uncle Bucks in Mt Druitt for $25.3 million.

Jolliffe believes the Five Dock Hotel was brought about because of the quality of the property.

"In effect, the market had been anticipating the sale of this prominent hospitality asset for some time; and the interest generated from the beginning of the sale campaign was commensurately strong" advised Jolliffe.

Five Dock gaming hotel sold after one week on the market

The Five Dock Hotel has performed very well since the recent introduction by Lantern Hotels of some modest capital, and I wholly expect the successful purchaser to unlock the inherent value so patently available with the benefit of time" Jolliffe added.

The Australian suggested former Wallaby Bill Young, whose family business includes the Hotel Concord, The Wiseman’s Ferry Hotel and The Palace Hotel, Mortlake, purchased the Five Dock ­property.

Tags: 
Leisure Five Dock Hotel

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