Pub titan Arthur Laundy swore 2024 would be about renovation of his mighty portfolio

Pub titan Arthur Laundy promised this year would just be about renovation of his mighty portfolio, but he just couldn’t help himself.

Arthur Laundy used to play rugby nearby his newest purchase. Picture: Nic Walker

Pub titan Arthur Laundy swore 2024 would be all about renovation and redevelopment of his mighty portfolio of hotel and resort assets but it seems he couldn’t help himself and has outlaid around $20m buying The Light Brigade Hotel in Woollahra.

Billed as a ‘jewel’ in Sydney’s Eastern Suburbs hospitality offerings, the hotel fronting Oxford Street and Jersey Road, is the place to catch major live sports and hang out after concerts and sporting events at nearby Allianz Stadium.

The acquisition adds to the billionaire Laundy family’s collection of Eastern Suburbs assets including the Watsons Bay Hotel and the Woolloomooloo Bay Hotel.

Owned by the Bayfield family since 2015, the four-storey hotel at the intersection of Paddington and Woollahra has changed hands just as the sale of Sydney pubs gathers pace according to selling agents HTL Property who would not be drawn on the price paid but said it was a competitive sale process.

The Light Brigade Hotel, Sydney's Eastern Suburbs.

The Light Brigade was sold by fourth generation hotelier, Kaine Bayfield, with the Laundy’s believed to be attracted by the recent lifting of the concert cap at Allianz Stadium from four to 20 concerts a year coupled with the revival of Oxford Street.

“We’re looking forward to adding the Light Brigade to our other Eastern Suburbs properties like the Watsons Bay, Bells Hotel, and Woolloomooloo Bay hotels,” said Arthur Laundy’s son, Stu Laundy, in a statement.

“A few generations ago our family owned the Woollahra Hotel, and my father played rugby down at Easts,’’ he said.

The Light Brigade Hotel was sold by HTL Property agents Dan Dragicevich, Sam Handy and Andrew Jolliffe.

The Light Brigade Hotel, Sydney's Eastern Suburbs.

“When fourth generation hoteliers buy from fourth generation hoteliers, it says something patently clear about the longevity and strength of an asset class,” HTL Property Managing Director, Andrew Jolliffe said.

The veteran agent added that after the market peaked in 2022 with more than $2bn worth of sales in NSW the market had not recovered to that extent.

“The calendar year of 2022 saw a peak in transaction volumes with more than 100 pubs sold for the state,” Mr Jolliffe said.

“Volumes in 2023 were lower, driven by the interest rate rises and with liquidity being less accessible, plus with a change in the cadence of the investor.”

He believes this year will be an improvement on last year but not as strong as 2022 with many acquisitions by generational families or experienced private groups.

“However, some domestic and offshore funds have also taken an interest, with some high-level, sophisticated, transactions going on.”

For many pubs have been an asset class people have misunderstood, but there’s five potential income streams including food, beverage, gaming, retail and accommodation.

Originally published as Pub titan Arthur Laundy swore 2024 would be about renovation of his mighty portfolio