Endeavour purchases Empire Hotel
The recently listed Endeavour Group, formerly known as ALH, has paid $11.5 million for the freehold going concern of Kilburn’s Empire Hotel.
On a 7604 square metres with future mixed-use development upside, the venue includes a bar, bistro, drive through bottle shop and TAB gaming facilities and car park.
There are also 33 electronic gambling machines.
“The South Australian pub market has witnessed heightened transaction activity in recent times with a slew of national hotel groups such as Black Rhino Group and Australian Venue Co increasing their local footprints alongside the acquisitive Duxton Pub Group,” JLL Hotels & Hospitality’s John Musca, who brokered the invitation-only off-market expressions of interest deal for the Empire Hotel with Will Connolly and TJ Board, said.
Local publications and interstate operators, many looking for their first Adelaide asset, also looked in, he added.
“Real value has been identified in the South Australian market where recent legislative changes and a stable, less COVID-interrupted trading environment, have drawn the attention of interstate capital alongside a tightly held local stakeholder group,” according to the executive (story continues below).
Mr Connolly said interstate capital “continues to identify value within South Australia as a result of its increasingly evolving market drivers and new gaming operating legislation”.
Last July Endeavour (in partnership with Charter Hall) paid $39.8m for the Terrey Hills Tavern, north of Sydney.
Also in New South Wales, 13 months ago, the group outlaid a speculated $5m for the Great Hospitality Inn and neighbouring commercial investments at Eden.
Kilburn is about seven kilometres north of Adelaide.
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