The freehold going concern of the award-winning Republic Hotel in the Adelaide suburb of Norwood has been sold in an expressions of interest campaign transacted by JLL’s Will Connolly and Ben Parkinson, in conjunction with Terry Board of TJ Board with price expectations of circa $10m.
The Republic occupies a corner site in Norwood, offering the market the opportunity to acquire and trade a multi-award-winning city fringe gaming hotel or secure for the future to redevelop a dominant corner site in one of Adelaide’s most desirable suburbs.
JLL’s Connolly, the Senior Vice President of Hotel Sales, said there was interest from across the country in the offer, proving a clear, national appetite for high-quality South Australian pub asets.
“The sale campaign was certainly a ‘full court press’ targeted strategically to both local and national markets via both JLL & TJ Board, this was evidenced by the fact that offers received by groups at the close of the sale campaign represented parties from a local level as well as both Queensland and Victoria.
“It shows that our Eastern State based publicans are still drawn to high quality South Australian opportunities.”
The Republic Hotel was sold on behalf of Greg Maitland, one of South Australia’s most active hoteliers, having been involved in over $235m of pub transactions across the state in the past 18 months.
Maitland said: “I’ve loved my time at the Republic Hotel and establishing the venue to what it is today in the incredible suburb of Norwood. We wish the new operators all best with their plans for this fantastic venue.”
The recently refurbished Republic offered high end facilities throughout comprising a large restaurant, sports bar, private dining rooms, 32 electronic gaming machines with dedicated bar, multiple function rooms and an expansive beer garden all positioned on an expansive corner site of 3327sqm with favourable ‘Suburban Business’ Zoning.