The old owners of the popular Old Breton pub in western Sydney are the latest to benefit from the demand for the sector, which has seen nearly $2 billion in assets change in the past year.
After owning and operating AB, as it is known by locals, the private Seeto family chose to test the waters for the 225 Glebe Point Road Pub after making “many” unsolicited offerings.
Patriarch Victor Seto said it was “a unanimous decision within the family that the time to sell had come”.
“It’s hard to believe our family has owned and operated the AB Hotel for nearly a quarter of a century,” Sito said.
Ancient Briton Hotel, 225 Glebe Point Road, Glebe, Sydney
“It holds a special place in the heart of our family, but it’s time to pass the torch to another hotelier with a new energy and focus that can elevate the hotel to its rightful place within the local community.”
It was a unanimous decision within the family that it was time to sell.
Old British owner Victor Seto
Gleb’s most recent sale was by former Qantas CEO Jeff Dixon of the popular Nag’s Head pub for about $12 million for Momento Hospitality Group. In July, Bill Young, a former Wallabies front rower, added to his family’s pub empire by purchasing the famous Glebe waterhole, The Friend in Hand, for an estimated price of $10 million.
A price for AB has not been disclosed, but similar assets with the possibility of upgrading on high-traffic roads have been traded for up to $28 million.
HTL Property’s Sam Handy, Dan Drjesevich and Andrew Gulev advises the Seto family and said the high price expectations are due to their 481 square meter property and its multiple floors at the corner of Bridge Street and Glebe Point Street.
Originally published at Melbourne News Vine
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