The Camelia Grove Hotel in Alexandria has been sold by long-term owner Adella Wright-Young for $13.75m.
The city-fringe pub has been sold by Wright-Young after 38 years of ownership and operation, one of many pubs across the country of late which has seen long-term owners move on from their venues.
The hotel was sold to local developer Jaga Group which owns several similar hybrid pub-and-accommodation developments across Sydney. The sale was negotiated by HTL Property’s Blake Edwards and Sam Handy.
Camelia Grove Hotel is located metres away from Australia Technology Park, which currently caters for CBA’s 10,000 employees along with a shopping centre, child care centre, gym and 700 car parking spots. The catchment will be bolstered by further growth over the medium term via nearby urban renewal projects within the South Eveleigh corridor, and the Waterloo Metro Quarter.
“The combination of a shortage of prime opportunities in the Sydney market, and a site like this with such raw potential, was always expected to attract huge interest from a wide variety of buyer profiles,” stated Edwards.
The pub sits on a 751 sqm block and includes 19 EGMs. It also has 18-metre height approval for future development in B4 Mixed-Use zoning.
Wright-Young first purchased the hotel in 1983 from Tooth & Co, and says the sale evokes mixed emotions after almost four decades of ownership.
“After so many years it is bittersweet to be selling the hotel which has been not only my business but my home for so very long. The patrons and local community become close family and friends.
“But I still work most days, so the sale will give me some free time to do other things; most notably spend more time with my family.”
Other long-held pubs have sold recently, including the Emerald Hotel in Melbourne (owned by the Hart family for 48 years), the Narwee Hotel in Sydney (owned for 34 years by the Ryan family), and the Green Park Hotel (owned by Solotel for over 30 years).