Iris looks further into gaming venues

One of Sydney’s most dynamic emerging pub groups has swooped again, picking up two new venues in the lucrative west. 

Iris Group has purchased both the Wentworth Hotel in Homebush and One World bar in Parramatta from vendor Rod Salmon. 

The Wentworth is situated opposite Flemington markets and is a Top 10 gaming pub, suggesting definite potential for the acquisition, which possesses 26 gaming machines and a 4am licence on a largely underutilised 6000 sqm block of land.  

One World bar is on Church St in the heart of Parramatta, and opposite a construction site currently building 1000 new apartments. 

Speaking to TheShout, Iris director Sam Arnout said both venues “offer great trading upside” and complement the Group’s growing collection of 10 venues.  

“Iris will continue to explore genuine opportunity to purchase well located hotels to complement its portfolio of true landmark pubs.

“I am more than willing to talk to hoteliers who are looking to sell directly.”

Arnout brokered the two purchases himself from Salmon, who he relays has stepped back to take a more passive role in his property portfolio. 

While Arnout says the Wentworth will require a more comprehensive overhaul long-term, the immediate plans are to optimise current trading potential.  

“[We] have short to medium term plans to reposition the operation and focus the improvement in its already strong gaming room.” 

Iris has been making an increasing play at gaming-based venues, having recently taken control of the 888 in Haymarket, and last week Top 100 gaming pub the Palms Hotel in Chullora, which it purchased from Coles late last year. 

Source: The Shout - 6 June 14