The Fairfax family, through the Lee Thomas vehicle, has sold the remaining assets of its Sydney pub portfolio to real‑estate manager Charter Hall and hospitality operator Australian Venue Co (AVC), according to sources familiar with the deal.
The transaction covers two high‑profile inner‑city venues: The Clock Hotel in Surry Hills and The Bank Hotel in Newtown.
A Charter Hall‑managed fund is paying roughly $62 million for the freehold interests, while AVC is expected to contribute about $30 million for the leaseholds. The two parties will split ownership, with Charter Hall taking the land and buildings and AVC running the businesses under existing licences. The arrangement mirrors a similar split completed earlier this year for the White Cockatoo in Petersham.
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Transaction specifics
The Clock Hotel sits at 470 Crown Street, occupying a 607‑square‑metre freehold that was reportedly bought for $9 million. The venue features a bar, bistro and a gaming room with ten electronic gambling machines, generating weekly revenue of around C$320,000. Sources say the property is being sold for about C$70 million, reflecting its strong cash flow.
The Bank Hotel, a heritage‑styled establishment dating back to 1880, occupies 558 square metres at 324 King Street, adjacent to Newtown train station. Fairfax’s Amalgamated Hotels acquired the freehold for $10.14 million in 2012. Licensed for 24‑hour operation and capable of serving up to 1,000 patrons, the venue reportedly pulls in roughly C$170,000 each week. The sale includes both the property and the operating business, which will be taken over from Bruce Solomon’s Solotel group.
The deal came together with a dash of serendipity, as both parties were already negotiating other Sydney assets.
Broader market context
Just two weeks earlier, Justin Hemmes’ Merivale paid Amalgated approximately C$45 million for The Sackville Hotel and an adjoining lot in Rozelle, properties that were listed alongside The Bank and The Clock. In the same month, Amalgamated disposed of The Regent Hotel in Kingsford for $42 million; the venue also operates 24 hours and hosts a gaming room with thirty electronic machines.
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Earlier in May, Charter Hall purchased the ex‑Rosati restaurant in Melbourne for about C$35 million, with AVC securing a long‑term lease that runs until 2042. JLL agents John Musca, Ben McDonald and Kate McDonald marketed the Sydney venues, showing the firm’s active role in the city’s hospitality real‑estate market.
For staff and regulars, the ownership shift could mean subtle changes in service style while preserving the familiar atmosphere that has defined these venues for decades. Employees may see new management policies, but the continuity of licences suggests that daily operations will likely remain stable. Patrons can expect the same late‑night access and gaming options, albeit under a different corporate umbrella.
Overall, the Fairfax family’s exit from the remaining Sydney venues marks a notable consolidation of hospitality assets among a few large players, reshaping the setting of the city’s inner‑city nightlife.
