Another business identity diversifies into pubs
Adam MacFarlane is the latest businessman to diversify into pubs – snapping up Darlinghurst’s Lord Roberts Hotel, for $22.5 million.
On behalf of a small syndicate, the freehold going concern was offered, earning c$1.45 million gross annual revenue from a bar and gaming room with TAB facilities and 17 electronic gambling machines.
There is also a restaurant and alfresco dining space on the second (top) floor.
Mr MacFarlane has formerly managed hospitality venues, however has since the Global Financial Crisis traded in foreign currencies and lived offshore.
At 64 Stanley Street, on the north east corner of Riley – and also with frontage to Stanley Lane – the two storey Lord Roberts was developed in c1871 as the Shannon Hotel.
It was offered via Savills by Sue Cameron, whose family ran it 47 years, initially as a leasehold (story continues below).
Another maiden deal
Mr MacFarlane is the latest private investor to recently venture into the pub space, the Darlinghurst deal coming two months since businessman Byram Johnston and his wife, Deborah, outlaid a speculated $5m for the Tarana Hotel in the state’s central west.
Also this year the Don Hodge Group – led by the family also with aviation ad trucking interests – acquired Lake Macquarie Tavern’s Mount Hutton Tavern.
Investment banker Martin Scott, was also active, picking up the Lucky Hotel, south west of Newcastle.
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