Glebe’s Ancient Briton sold after 25 years
Marc De Angelis – the nephew of pub baron Arthur Laundy – and his wife Meg have picked up Glebe’s Ancient Briton, or AB Hotel, from the Seeto family, which operated it since the late 1990s.
The freehold going concern is speculated to be costing $25 million.
The vendor just last year won approval to extend the bar’s liquor licence from midnight to 5am.
Over two storeys, the asset also derives income from a gaming room with 25 electronic gambling machines and TAB services, and a bistro.
The deal, speculated to be with Marc and Meg’s Bonnie Hotels, comes 18 months since the De Angelis family, which includes sibling Peter and mother, Robyn – Arthur’s sister – outlaid $43m for Liverpool’s Macquarie Tavern.
Bonnie Hotels’ portfolio includes the Ingleburn Hotel, which cost $29.25m in 2019, Marrickville’s Crown and Emperor, the Bowral Hotel and Picton Hotel.
Family grows portfolios
The c1860s Ancient Briton occupies a 481 square metre site at 225 Glebe Point Road, on the corner of Bridge, diagonally adjacent to Dr HJ Foley Rest Park (story continues below).
It once won an accolade for having Sydney’s coldest beer, HTL Property’s Sam Handy, who represented family patriarch Victor Seeto with Dan Dragicevich and Andrew Jolliffe, said.
Elsewhere in the suburb, five months ago, a syndicate including ex-Qantas chief Bruce Dixon offloaded the Nag’s Head Hotel for c$12m.
Last May, meanwhile, former Wallaby Bill Waugh banked $11m from Glebe’s Friend in Hand.
Both those freehold going concerns were secured by Marcello Colosimo’s Momento Hospitality.
“Whilst some asset classes have developed an allergy to shifts in economic sentiment on a global level, domestic hospitality indexed property assets have continued to enjoy the attention of well-considered capital sources seeking the benefits of reliable revenue attraction,” Mr Jolliffe said.
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