Duke of Gloucester Hotel in Randwick on the market for $30m
A pub in Sydney’s eastern suburbs has hit the market for almost double what it last sold for less than four years ago.
The Duke of Gloucester Hotel in Randwick has hit the market for $30 million, almost twice the previous sale price in 2015 of $16.5 million.
Under the management of the Good Beer Company on behalf of a private syndicate, the two-storey hotel has since undergone a $3.5 million renovation.
Owner John Azar said the company decided to sell to redeploy funds to its $10 million redevelopment of the Keg & Brew in Surry Hills and other opportunities.
“[It] was rather rundown when we took it over, we had a solid base to work with, though, and we just grew that base through good management and ideas,” Azar told The Sydney Morning Herald.
“It’s become a pub that’s more suitable to the demographic of the eastern suburbs.”
The pub, which has three bars, two kitchens, multiple outdoor areas, a TAB and a designated gaming room with 19 machines, has an annual revenue in excess of $8 million.
Sheridan Randall, 1st March 2019
