By Vanessa Cavasinni, editor Australian Hotelier
Owner-publican Michael Bain and partners have placed revered craft beer pub, the Royal Albert Hotel, up for sale.
Situated in one of Sydney’s most popular suburbs for dining and drinking, Surry Hills, the Royal Albert Hotel is one of Sydney’s most frequented and lauded pubs for its craft beer. Bain is banking on that reputation, and the tightly-held Sydney pub market to sell for a decent price.
“We built this little pub into one of Sydney’s craft beer venues over the past seven years and we now feel the market is strong, which means it’s the right time to sell,” stated Bain. “In saying that if we don’t get the right price we will be staying put – we won’t be accepting any low offers, as the pub is trading very well.”
Bain suggested that the pub’s name, central city location and the fact that nothing needs to be done to it will make it attractive to a lot of industry players. CBRE’s Daniel Dragicevich, who will be handling the sale campaign along with colleague Ben MacDonald, agreed.
“The Royal Albert Hotel is at the centre of Sydney’s craft beer revolution and offers incoming purchasers the chance to tap into what is widely considered the fastest growing niche market in the hospitality industry.
“Situated moments to Sydney’s Central Station, Campbell Street dining precinct and the flourishing Foveaux Street, The Royal Albert is a venue that will continue its strong F&B offering, and therefore financial performance, for years to come.”
The Royal Albert Hotel is the second Sydney CBD craft beer pub to be put to market in just over a month, with the Good Beer Company’s Dove & Olive for sale, with the capital raised to be reinvested in the group’s DOG Hotel in Randwick.
As for Bain, he continues to be a busy man, stating that he has another venue in the planning stages right now, along with a few other projects.
“I will be staying involved in the Australian craft beer and spirits industry in another venue or two. Maybe even get involved in a brewery operation – I’ve been approached by a couple.”