Iris Capital sets record with $45m pub deal

Merivale boosted its portfolio last month paying $32 million for the Duke of Gloucester hotel in Randwick. Iris Capital, led by Sam Arnaout, also recently bought iProsperity’s distressed portfolio of 17 Ibis hotels from AccorInvest for $180 million.


“I’m delighted to have purchased the Narwee Hotel from the Ryan family, and recognise the significance of selling a business having owned and operated it since 1987, Mr Arnaout said.

“The sale process was clinical, and the impressive presentation and positioning of the asset satisfied not only our key investment criteria, but also met a geographical objective we held for that part of Sydney.”

HTL Property chief executive Andrew Jolliffe, who advised on the deal, said established investors are acquiring A-grade hospitality properties at a time when interest rates are at record low levels.

“When we consider the origin of the most recent capital deployment events, it is almost exclusively linked to leading groups such as Redcape, Merivale and Iris Capital”, Mr Jolliffe said.


Meanwhile CBRE research’s Chinmay Chitale said despite trade conditions improving across the country, with the exception of Victoria, the pub industry faces a key litmus test over the next 12 to 18 months.

“JobKeeper payments are being gradually phased out and amnesty periods offered by banks are expiring, and this will place further stress on balance sheets in the future,” Mr Chitale said.

“Furthermore, rent abatements are due to kick back in with the additional 50 per cent rent to be added to existing rents over the remainder of lease terms.”

He added that pub businesses should take solace, however, from the Federal Government’s 2020-21 Budget initiative to provide full capital asset deductions and loss carry-back provisions as a measure to reduce tax burdens and improve profitability moving forward.

According to Mr Chitale, the measures should help alleviate some medium-term pressure off their balance sheets.

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Diogo Jota: Liverpool agree £45m deal with Wolves for forward

Jota has scored 44 goals for Wolves in 131 appearances

Liverpool have agreed to sign Wolverhampton Wanderers forward Diogo Jota for £41m in a deal that could rise to £45m with add-ons.

The Portugal winger, 23, is set to sign a five-year deal at Anfield.

The move follows Liverpool’s £20m capture of Spain midfielder Thiago Alcantara from Bayern Munich.

The Jota deal represents a net spend of about £30m, with defender Ki-Jana Hoever, 18, going the other way for £9m and a possible £4.5m in add-ons.

The Premier League champions have also negotiated a 15% sell-on clause in the transfer that takes young Dutch defender Hoever to Molineux.

Jota can play across the forward line and would provide further cover – in addition to Takumi Minamino and Divock Origi – for Liverpool’s vaunted front three of Sadio Mane, Roberto Firmino and Mohamed Salah.

The former Atletico Madrid player joined Wolves on loan in their 2017-18 Championship-winning campaign before making a £12.8m permanent switch in 2018.

Jota has made 131 appearances for the Molineux side, scoring 44 goals, including hat-tricks in last season’s Europa League victories against Besiktas and Espanyol.

He is in line to become Liverpool’s third summer signing following the arrival of Alcantara and Greece left-back Kostas Tsimikas for about £11.7m.

Find all the latest football transfers on our dedicated page.

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Plans for $45M ‘play haven’ at Ballina withdrawn

PLANS to build a $45 million private ‘play haven’ at Empire Vale have been withdrawn after a four-year battle to get approval.

The development application for the 219ha property – that included a caravan park, helipad, equestrian facility, shooting range and go kart track – was first lodged in 2016, and faced backlash from neighbours and a battle to for approval.

A letter, dated May 18, was sent to Ballina Shire Council from Brendan Menegazzo announcing the formal withdrawal of the development application by Ringtank Pty Ltd.

Facilities planned for the site were stated to be for private use only, and not for commercial use.

The four packages of land were purchased by the late Angela and Peter Menegazzo between April and September in 2005.

A Ringtank Pty Ltd spokeswoman told The Northern Star, the family have had strong ties to the Ballina Shire.

“The Menegazzo family has a long association with the region and is a proud supporter of the local surf lifesaving club and other community groups in the area,” she said.

gcb Artist impressions of a development planned by Debra, Brendan and David Menegazzo at South Ballina Artist impression of facilities at a proposed $40 million development at Empire Vale.

Slated for the site was three houses, a 10-site caravan park, equine facilities including stables, veterinary facility, quarantine stalls, horse float and equipment shelters and two equestrian exercise lawns, private outdoor recreation facilities including go-kart track, shooting range, associated buildings, roadworks, earthworks including dam and landscaping.

In early 2017, town planner Rod Willis said the council had never navigated such a complex, private development application – due to its “non-commercial elements” such as 10 caravan park sites.

gcb Artist impressions of a development planned by Debra, Brendan and David Menegazzo at South Ballina Artist impression of facilities at a proposed $40 million development at Empire Vale.

gcb Artist impressions of a development planned by Debra, Brendan and David Menegazzo at South Ballina Artist impression of facilities at a proposed $40 million development at Empire Vale.

On December 23, 2016, $124,130.98 was paid in council fees and levies to process the DA.

Among the 280 documents attached to proposal were more than 50 letters of concern regarding the project.

Some of those concerns related to increased noise from the helicopter, motorsport and shooting activities.

Joseph Goodwin who had lived on Empire Vale Rd in South Ballina for more than 43 years, claimed his house was 900m from the proposed helipad.

Mr Goodwin said the helicopter activity coupled with the other recreational facilities, such as the proposed go-kart track, don’t fit the South Ballina lifestyle.

“These activities are not welcome in a quiet rural setting,” Mr Goodwin said.

Another resident said the activities were “inconsistent and incompatible with a rural agricultural area”.

Residents also raised concerns about the impact of increased traffic on rural roads, the closure of a beach access road, and the possible overflow effect from a 18 megalitre dam.

The Joint Regional Planning Panel heard submissions from the community on the private development in 2018, but the matter was returned to Ballina Shire Council for more information.

A number of amendments were made to the DA, but it was withdrawn in May this year.

Ringtank has been contacted for comment.

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