Newtown's Sando Hotel sells to Melbourne syndicate
Live music venue the Sandringham Hotel, in Sydney’s Newtown, has been sold for just short of $3 million.
It was sold at an undisclosed price by receivers Ferrier Hodgson who were appointed to the King Street property in July.
The new owners have indicated an intention to run the business as a live music venue.The purchaser details were kept confidential, but according to TonedDeaf website it was sold to Tim Northeast, Matthew Everett, Richard Ludbrook, and Andrew Mansfield, who own Melbourne’s Corner Hotel and Northcote Social Club.
The pub will reportedly continue to operate in the hands of the receivers until December, at which time it will be closed for extensive renovations before reopening as the Newtown Workers Club.
The sale will ends ownership by Tony Townsend who was forced out of the business by his bank, BankWest. He paid $3.28 million in 2005.
Several hotel sales in Newtown in recent months have included The Marlborough which sold to John Singleton's consortium for $12.175 million and The Bank sold to pub baron Bruce Solomon for about $11 million.
