For the first time in a generation, Minsky’s is on the market and the iconic watering hole could be yours for $35 million plus.
Owners Redcape Hotel Group announced the public sale yesterday, which will be managed by JLL Hotels and Hospitality.
Up for grabs is the freehold of the pub, retail suites and first floor commercial office suites, formerly known as the Metropole and now the Cremorne Plaza, covering 3344 square metres on Military Road.
The Military Rd institution hasn’t changed hands in more than 20 years.
Describing the local institution as a “meeting place where rich and meaningful memories are created,” Redcape CEO Dan Brady said the time is right for a new owner to usher in the pubs next phase of growth.
“The opportunity for an incoming operator/investor to further optimise a large licence footprint and have a more proactive entertainment lead business plan would see tremendous value add that given our scale we could not realise,” he said.
Redcape listed on the ASX in 2018, but was taken off the public register by a vote from shareholders in September 2021. It is managed by MA Financial, previously Moelis Australia.
No word on whether the Piano Man comes with the sale.
JLL Hotels & Hospitality Group Managing Director John Musca said the pub is underpinned by 25 pokies, with a market value of $13 million on their own.
“With a coveted 24-hour trading approval, unmatched patron capacity and 25 Electronic Gaming Machines (EGMs) in an under-pubbed precinct, there is a compelling argument to drive the trading opportunity to the next level,” Mr Musca said.
Also, rental income of $5,000 – $6,000 per square metre on 1,700 sqm of existing vacant office space could unlock a further $10 million, he said.
“The opportunity to re-lease or occupy the surplus space for alternate commercial, medical, leisure or retail uses in Cremorne Plaza, fully supported by a multi-level retail centre, dedicated onsite customer parking, excellent amenities and transport links, is simply unprecedented,” said JLL Director of Capital Markets Gordon McFadyen.
The venue has 25 pokies, worth $13 million on their own.
The sale comes as the pub sector is enjoying a post-pandemic high. In the past three months, more than $200 million worth of hotels have changed hands across Sydney and regional NSW.
“The Cremorne Plaza is a renowned Lower North Shore destination that already hosts Supa IGA, medical and professional businesses and specialist retailers so the flexibility of uses to value-add and complement this rare offering is quite extraordinary”, he concluded.
Expressions of Interests will close on 4th May 2022 (unless sold prior).