Camden hotel sells after 29 years
The Crown Hotel at Camden has changed hands after 29 years.
The freehold going concern sold off-market.
At 187 Argyle Street, the 2456 square metre property includes a 20-room motel, bar, bistro, gaming room with 24 electronic gambling machines in Band 1’s ‘Green Zone’, and car park.
It is licensed to trade until 2am.
JLL’s Edward Browne and James Smithers represented the seller, a family owner-operator via an entity, Rogan Invest Pty Ltd.
The freehold last traded in 1997 for $1.9m.
The incoming owner is only described as an experienced operator.
The deal comes five years since realestatesource.com.au reported Marlow Hotel Group paid $12m for the Camden Hotel, at nearby 105 Argyle St.
That seller Garry and Jim McGrath which operated it 16 years.
Licensed to trade until 2am as well, it has 14 EGM entitlements.
Also in 2021, publicans Ben Lawler and Ryan Haynes outlaid c$19.5m for the Royal Hotel at 35-39 Argyle St (continues below).
That venue, formerly owned by developer Michael Anthony (Tony) de Saxe, has 24 EGMs.
It is permitted to trade until 2am too.
Next chapter for popular hotel
The Crown generates more than $110,000 a week income – c$5.7m per annum – before GST.
The agents said further income could be collected taking control of the kitchen operation or optimising the gaming offer.
Camden, a historic town now part of a growth corridor, is about 60 kilometres south-west of Sydney’s CBD.
Last year we reported Revelop paid $4.55m for the ex-Camden Livestock Selling Centre at 30-34 Edward Street.
The group is planning a repurpose as a retail, hospitality health and wellness, childcare and event space.
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