By Vanessa Cavasinni, editor Australian Hotelier
The Hampshire, located on one of Sydney’s main roads, in the city-fringe suburb of Camperdown, has been leased to Paddy Coughlan’s Bourke St group.
The pub, which hasn’t been open for trade since the end of 2014, was leased by owner Michael Raad, through Blake Edwards of Ray White Hotels.
Coughlan spotted plenty of potential in the vacant pub, which includes a bar, kitchen, beer garden, gaming room with 9 EGMs and accommodation on the first floor.
“I’ve been looking in the inner city/inner west/city fringe area, and I’m looking for pubs where we can add value, so pubs with turnaround potential, like The Lord Gladstone had when we purchased it,” stated Coughlan. “The fact The Hampshire has been closed for two years is a positive [in] the context of looking for pubs with upside.”
There has been plenty of activity in the last twelve months in the Sydney market within inner west and city fringe markets, as they are exempt from the controversial lockout laws.
"This is the second hotel in as many months that we have leased out along Parramatta Road," says Edwards. “Further evidence that suburban venues with late licences are in high demand as Sydney's night life shifts its focus from traditionally strong markets such as King Cross and the City".
Coughlan agreed that there is plenty of potential in suburbs like Camperdown.
“15-20 years ago Camperdown was a bit of a ‘no man’s land’, it was thought of as a thoroughfare to get to the city. Now with the growth and expansion of the Newtown precinct in general, Camperdown just feels like an extension of that Newtown area.”
Bourke St has plans to revamp the hotel offering, first by renaming it The Lady Hampshire, as the “yin to The Lord Gladstone’s yang”, but Coughlan will also be bringing the group’s nous in entertainment to the hotel.
“We’ll bring our music and artistic networks and our usual commitment to support and nurture people who are trying to achieve things creatively and contribute culturally to our city.”
The Lady Hampshire is expected to re-open this summer.