The long-time homeowners of the favored Historic Briton pub in Sydney’s internal west are the newest to reap the benefits of the demand for the sector, which has seen near $2 billion price of property change hand previously yr.
Having owned and operated the AB, because it’s recognized by locals, the personal Seeto household have opted to check the waters for the 225 Glebe Level Street pub after having fielded “quite a few” unsolicited provides.
The patriarch Victor Seeto mentioned it was a “unanimous decision from inside the household that it’s time to promote”.
“It’s arduous to imagine that our household has owned and operated the AB Lodge for nearly 1 / 4 of a century,” Seeto mentioned.
“It holds a particular place in our household’s coronary heart, however it’s time to cross the torch onto one other hotelier with contemporary vitality and focus that may elevate the resort to its rightful place inside the area people.”
It was a unanimous decision from inside the household that it’s time to promote.
Historic Briton proprietor Victor Seeto
The latest sale in Glebe was by former Qantas chief govt Geoff Dixon of his well-liked Nag’s Head pub for round $12 million to the Momento Hospitality group. In July former Wallabies entrance rower Invoice Younger added to his household’s pub empire with the acquisition of the favored Glebe watering gap, the Buddy in Hand, for an estimated worth of $10 million.
No worth was disclosed for the AB, however related property with improve potential on excessive visitors routes have traded for as a lot as $28 million.
HTL Property’s Sam Useful, Dan Dragicevich and Andrew Jolliffe are advising the Seeto household and mentioned the upper worth expectation is because of the AB’s 481 sq. metre land holding and its a number of flooring on the nook of Bridge Avenue and Glebe Level Street.