The famous Minskys pub in Cremorne, known for its late night carols with pianist John Watson, has been sold for $39million to pub and retail investors, the Karellas family, together with pub operator Mitchell Wow.
The Redcape Hotel Group, now under the MA Hotel Group banner, put the two-storey property up for sale in late March to take advantage of the booming pub business. The 3,344 square meter site includes 25 poker machines, a separate bottle store and strata title offices from which Redcape operated.
It is the first time in two decades that the popular pub, with its 4am license, has been offered for sale. The sale also comes at a time when nearly $1.5 billion in pubs have changed hands over the past year.
Another major pub, the Strathfield, is being sold by the privately owned Whelan family, with price expectations of over $90 million.
For Mitchell Waugh and his Public House Management Group, which is likely to operate the pub on behalf of the Karellas family, it’s a return to Sydney’s Lower North Shore, after selling the adjoining Mosman’s Buena pub in 2018 to focus on its properties in the east – the Royal Hotel Paddington, The Toxteth and Marrickville Ritz.
The Karellas family has not commented on the sale.
Redcape chief executive Dan Brady said the group recognizes the strong market demand for quality hotel assets.
“The opportunity for an inbound operator/investor to further optimize a large license footprint and have a more proactive entertainment business plan would add tremendous value that, given our scale, we could not achieve. “Brady said.
Redcape’s advisers were John Musca, group chief executive of JLL Hotels & Hospitality, Ben McDonald, senior vice president, and Gordon McFadyen, director of metropolitan sales and investment at JLL, who said the listing generated 65 inquiries from a wide range of national buyers.