Sydney-based hotel group Tilley & Wills has sold the Richmond Inn Hotel to a local publican as the group sets its sights on interstate expansion.
Located in the Hawkesbury region northwest of Sydney, the Richmond Inn Hotel occupies a prime 2,996sqm corner site in close proximity to Richmond’s central retail precinct and train station. Newly renovated, the pub generates approximately $6.3 million in annual revenue across a public bar and bistro, complete with an extensive beer garden; gaming; wagering and accommodation.
Nick Wills, CEO of Tilley & Wills, commented: “It was a difficult decision for us to sell given how good the local community has been to us during our tenure, however as a group we are continually looking for new and scalable opportunities in bigger markets; and in particular South East Queensland, which has been very good for us, so we will continue to assess opportunities up there.”
The transaction follows a competitive sale process handled by HTL Property directors Dan Dragicevich, Sam Handy and Blake Edwards, with the pub divested to Luke ‘Lion Heart’ Ainscough, who is known to locals for ferrying people to safety and transporting supplies to stranded people and animals during the 2021 Hawkesbury River flooding.
Ainscough stated: “I grew up in the Hawkesbury, it’s my home, I love both it and the people. All I want is a venue for locals which is owned and operated by a local.
“We are going to keep spending money and reinvesting in the pub. We’re currently planning on installing new kids play equipment so that families feel more comfortable, and we will be working on other exciting changes in the future.”
According to Dragicevich, the level of interest in the hotel from a range of industry participants is an indication of ongoing confidence in the pub investment market, pointing to a positive outlook for 2025.
“At HTL, we have enjoyed a strong run of sales results to close out the calendar year; and which separately speaks to the resiliency and attractiveness of the asset class, and consequently we are continually working with both new entrants and established groups looking to increase their foothold in the sector,” he explained.
“Our view is that the next 12 months will see continued transactional activity as expanding hotel groups continue to emerge and established operators look to refine and rebalance their respective portfolios.”
While Tilley & Wills has a strong portfolio in New South Wales, including the recent addition of Aanuka Beach House in Coffs Harbour, the group’s expansion into Queensland has so far added two Brisbane venues to its stable – acquiring the Prince Consort Hotel in 2020 and The Shafston Hotel in 2023.