Redcape Hotel Group has taken advantage of strong demand for trophy Sydney pubs, selling one of the lower north shore’s best-known late-night venues, Minskys Hotel, to the Karellas family and publican Mitchell Waugh for $39 million.
The 3344 square metre two-level strata property nestled between Neutral Bay and Mosman at 287 Military Road includes a popular piano bar and regularly hosts late-night live music gigs courtesy of a 4am trading licence.There are also 25 lucrative gaming machines, which turn over more than $160,000 a week, several bar areas and a separate bottle shop.
Redcape CEO Dan Brady said the proceeds of the sale would be used to pursue other opportunities and to strengthen its balance sheet.The fund owns venues including the Australian Hotel and Brewery in Rouse Hill, the Eastwood Hotel and the Willoughby Hotel. It has been an active buyer and seller of venues over the past few years as part of a strategy to rotate capital into value-add opportunities.