‘Absolutely thumping’ market: Laundy family snaps up Central Coast pub for $38m

Veteran pub owner Arthur and his son Stuart Laundy have swooped on for the historic Bayview Hotel at Woy Woy on the NSW Central Coast paying a record $38 million for the sprawling waterfront asset.

This will be the first time the billionaire Laundy family has ventured out of metropolitan Sydney and joins a throng of fellow pub barons including John Singleton and Justin Hemmes’ Merivale group who are moving into the booming regional hospitality market.

Publicans Arthur and Stuart Laundy have purchased the Bayview Hotel on the Brisbane Waters harbour front in Woy Woy on the NSW Central Coast

Bayview vendor Gary Narvo, whose grandfather was rugby league legend Hermann Olaf Narvo, said he was selling after many decades of “fond ownership” and he looks forward to the Laundy family taking the hotel into the next chapter.

With the rugby connections, Stuart Laundy said the Bayview will build on a strong South Sydney Rabbitohs theme.

“We are very respectful of Gary and his partners who have owned the hotel for 20 years and look
forward to actioning some key revenue levers we have identified at the hotel,” Stuart Laundy said.

“My father and I enjoy a number of very successful joint venture partnerships around NSW, and anticipate another one forming here with a strong South Sydney Rabbitohs theme taking shape, but more about that in due course.”

The multilevel hotel, sold exclusively through leading agents Dan Dragicevich and Andrew Jolliffe of boutique firm HTL Property, and beats the $32 million paid last week by the specialist fund manager, Harvest Hotels, for The Woy Woy Hotel through JLL hotels.

“We’ve been blessed with the engagement to sell some absolutely thumping Central Coast businesses over the years, but this hugely popular property is one deserving of the region’s top mantle in terms of price achieved” Mr Dragicevich said.

He said the sale price and return on investment was comparable to a pub in the Sydney metro area.

It has been a busy few months for the pub sector which has seen close to $300 million in sales in defiance of the long lockdowns in the sector due to the global pandemic. One of the largest was the Vineyard pub in Sydney’s west which was sold for $70 million to a private operator.

The purchase of the Bayview Hotel follows the Laundy family’s recent purchases of Redfern’s Woolpack Hotel and the Rydges Hotel in Bankstown.

“This sale is emblematic of an established hotel family office transacting deliberately upon an asset with robust trading and market share history” Mr Jolliffe, said.

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