The Young family has decided to sell the Friend in Hand again, after buying the Glebe hotel for the second time in 2019 and extensively renovating it.
The pub was owned by the Byrne family for 36 years. However, they purchased the hotel from Young’s family almost four decades ago.
“Our family has enjoyed a long association with the Friend in Hand Hotel, and while our second stint operating the hotel has been a little shorter than the first, we firmly believe in both the strength of the business and the catchment area” said hotelier and former Wallaby front-rower Billy Young.
“Following consultation with my family, we’ve concluded that the recent expansion of our portfolio means we probably can’t give it the necessary time and focus it deserves.”
The Young hotel empire includes the Concord Hotel, Palace Hotel and Wisemans Ferry Hotel. The family has been particularly acquisitive in recent years, adding the Five Dock Hotel (Five Dock), Royal Hotel (Ryde) and Hotel Illinois (Five Dock) to their portfolio.
HTL Property’s Andrew Jolliffe, Dan Dragicevich and Sam Handy have been exclusively appointed to handle the sale process for the Glebe hotel.
The two storey hotel is prominently positioned on Cowper Street, immediately adjacent to Roxy Pacific’s West End Residences development (232 apartments) and the mooted Franklyn Estate redevelopment (425 apartments). It is also situated in close proximity to the Broadway Shopping Centre; comprising anchor tenants such as Coles, ALDI, Target and Harvey Norman and hosting car parking for 1665 vehicles.
The Friend in Hand Hotel is operated under management, and offers an incoming operator a profitable revenue mix across bar, bistro, gaming and wagering. It features a midnight liquor licence with ‘early-opener’ trading flexibility and 19 gaming machines attached to the hotelier’s licence.
A hugely popular Glebe hotel, the business has historically ranked at an average of #546 in the 24 months prior to the trading impositions brought about by COVID-19.
“The challenges of this movement restricted marketplace are patently clear to all, but so too are the opportunities to realign investment objectives with time horizons that enjoy validity beyond the currency of the situation” said HTL Property Managing Director, Andrew Jolliffe.
The stately Glebe hotel is being exclusively sold through leading specialist agency HTL Property, via an Expression of Interest campaign closing September 16, 2021 at 5pm (if not sold prior).