North Sydney landmark The Union hotel sells off market for $22 million.

Published On: April 23, 2025

The Union hotel in North Sydney has changed hands for $22 million.

By ANNA USHER

North Sydney landmark The Union hotel has sold off market for $22 million.

The purchase, by Ashton Waugh, takes his Watering Hole portfolio to 15 venues across NSW.

The popular pub was sold to Ashton Waugh from the Watering Hole, who owns 15 venues across the state.

Set on 784sqm, the corner site with its midnight licence and 26 gaming machines was off loaded by The Good Beer Company

Waugh has expressed his excitement for the purchase.

“We’re delighted to acquire this significant Sydney freehold hotel, and in doing so, continue to deliberately expand our group into both metro and regional areas,” he said.

The two level pub sits on 784sqm.

The Union was once owned by the late Mike Willesee.

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The Union Hotel offers two floors with 1200 sqm of trading footprint and generated more than $5.5m in annual revenue.

HTL Property National Director, Dan Dragicevich said the purchase comes at a good time.

“Expected interest rate cuts generally result in buoyant on-premise trade and resultant yield compression; whilst assets such as the Union Hotel, with such commanding real estate attributes, also provide the comfort of a high asset floor which hasn’t proven available in the equity markets of late” Mr Dragicevich said.

Generating more than $5.5m in annual revenues, The Union has a midnight license and 26 gaming machines.

Good Beer Group, led by John Azar, maintains a stable of predominantly CBD-focused pub assets, including the Edinburgh Castle Hotel, Coronation Hotel and the KB Hotel in Surry Hills.

“The Union” was previously owned by Patrick Gallagher who sold it to Good Beer Co for $20 million in 2021, after 20 years at the helm.

Before that, it was owned by the late Mike Willesee, who sold it to Gallagher in 2002.