Sydney’s Grosvenor Hotel has been sold by its overseas-based owners to hotelier Ashton Waugh for $8.5m in the second pub sale in as many months in the neighbourhood, with Laundy Group buying the Woolpack Hotel in July.
The previous owners bought the Grosvenor Hotel in Redfern on the fringe of Sydney’s inner-city in 2017 from former CCA exec Denis Hickey. The pub stands on a 304 sqm landholding with a midnight liquor licence and 12 gaming machines attached.
The Grosvenor Hotel is located next to the proposed Elizabeth Street affordable/social housing master-planned community and is expected to benefit from the $22 billion Waterloo Estate nearby which is forecast to deliver an additional 3,000 new dwellings to the area.
Waugh owns pubs in diverse locations across NSW including Ettalong Beach, Bathurst, Thirlmere, Marrickville, Tamworth and Potts Point.
HTL Property, which managed the sale, said it’s the 20th NSW hotel the group has sold during this second round of Covid closures, which demonstrates the industry’s resilience and also the “rewards available to investors on both sides of the transaction”.