Citify buys historic pub with $200m redevelopment plan
A year after negotiations began, Citify has purchased the c1846 Buckingham Arms Hotel, in Adelaide’s inner north east.
The 6219 square metre Gilbertson property, 1 Walkerville Terrace, at the busy intersection with Northcote and Robe terraces, is speculated to be costing about $11 million.
Matthews Hospitality Group was the seller.
The agreement was conditional on the North Adelaide developer obtaining a permit for a 10 level residential based mixed use complex.
Its first proposal, lodged last March with 180 dwellings, 11 townhouses and a four storey office, was rejected by the State Commission Assessment Panel.
However the government approved a replacement scheme (artist’s impression, top) of the same height, with a different product mix, late last year.
What is planned
The Gilbertson site is now earmarked for 130 build to sell flats, 20 affordable housing units and 12 NDIS apartments.
There will be 1230 sqm of ground floor retail space too (story continues below).
The design also includes a function room, gym, pool, golf simulator, sauna, steam room, wine room and two levels of basement car parking.
As part of the redevelopment, speculated to have a c$200m end value, the Buckingham Arms will be restored as a food and beverage venue.
A Jacaranda tree on the block will be retained as well.
Citify recently began construction.
It agreed to buy the property following a November, 2023, campaign managed by Colliers’ Alistair Mackie, Justin Hazell and Jordan Schmidt.
This pocket of Gilbertson is about three kilometres from town.
Also this week, we reported a mortgagee for Jon Adgemis’ Public Hospitality Group divested the unrenovated c1850s Manor House guesthouse, in Sydney’s inner east Darlinghurst.
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