This will be the first time the billionaire Laundy family has ventured out of metropolitan Sydney and joins a throng of fellow pub barons including John Singleton and Justin Hemmes’ Merivale group who are moving into the booming regional hospitality market.
Bayview vendor Gary Narvo, whose grandfather was rugby league legend Hermann Olaf Narvo, said he was selling after many decades of “fond ownership” and he looks forward to the Laundy family taking the hotel into the next chapter. “My father and I enjoy a number of very successful joint venture partnerships around NSW, and anticipate another one forming here with a strong South Sydney Rabbitohs theme taking shape, but more about that in due course.”
It has been a busy few months for the pub sector which has seen close to $300 million in sales in defiance of the long lockdowns in the sector due to the global pandemic. One of the largest was the Vineyard pub in Sydney’s west which was sold for $70 million to a private operator.